Your question is somewhat vague, but I'll try to give you an answer the best I can relating to revers mortgages! I don't know how the fourplex has anything to do with it, but a reverse mortgage is instead of making payments on your house, you get the equity out of it without having to make payments!
A reverse mortgage can be great for a retired person who still wants to live in their own home who will most likely pass away before another move.
After the homeowner dies, the immediate family inherits the home and decisions have to be made because the family or beneficiary to the will have to either sell the home or pay back the amount taken out as equity in a reverse mortgage within a years time!
It is my understanding that this type of mortgage can only be used by a person in a single family residence and if your family member has a fourplex with a reverse mortgage on it, then rules have changed!
I would think rental income from the fourplex, even if the family member was living in one unit, would be enough to sustain them in their own home!
I would also do what ever you can to save and keep that piece of property bbecause a piece of income producing property is a great asset to have and keep in the family as long as members of the family can get along and maintain it!
The biggest pitfall of a reverse mortgage is the beneficiary of the person who passed away will have to pay ALL the money back with interest when the family member dies. You can put a new mortgage on the property and take out enough to pay off the cash amount the reverse mortgage paid out and this is how most people get out of the reverse mortgage, but you MUST do this within 12 months after the property owner is gone and you inherit it!
I hope this helped you!
Thursday, July 29, 2010
What are the steps to getting a mortgage?
could you sum it up in a few sentences?What are the steps to getting a mortgage?
You will need a deposit of at least 10% of the property value. Then you need to find the best deal for you 鈥?some people prefer fixed rates, some prefer variable deals. You can either shop around yourself or use an Independent Mortgage Adviser or IFA to do the research for you. Once you have found a mortgage you are happy with, you complete an application form and send it to the mortgage company 鈥?they will assess it and, if they are happy, will instruct a valuer to assess the value of the property and make sure it is suitable for mortgage purposes. Assuming this is ok, they will send you a Mortgage Offer confirming all the details. Your solicitor will then carry out various legal checks and searches to ensure the property has no legal issues attached to it and, once they are happy, a completion date is agreed with the seller and the mortgage company. The funds are then exchanged and the house is yours !
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.impartial.co.uk.
What are the steps to getting a mortgage?
Depends on how pro-active you want to be. Your best bet is to look for a mortgage broker who works with a number of different banks (a Yahoo search will probably turn up a few in your area).
Contact the broker of your choice and tell him/her you want to buy a house and are looking to get pre-approved. The broker will have you fill out some paperwork and shop your application around for the best rate (a good one will anyhow).
If your credit is adequate, you will receive back a pre-approval, a maximum loan amount and an interest rate quote.
Go house shopping. Remember to ask for the payments on the maximum amount available, then figure in taxes and possibly PMI (if you can't put down 20%) to get your full payment. If you don't think you can comfortably afford that payment, do not look at houses in the upper range of your pre-approval. this is what got many people in trouble - they figured because the bank said they could afford something, then they would have no problem. While banks will probably get better at not over-extending credit, remember that they make more money by lending more not less, so they will probably still approve at higher levels then you may be comfortable with.
Also ask the broker about points and loan origination fees - you may be able to negotiate better terms.
When you find a house, it will get appraised and you will actually have some more papers to sign and probably more to fill out (verification of salary, etc.). After you fill it all out, the paperwork goes to the underwriters who will then confirm that availability of the loan - be prepared - they may ask for even more paperwork.
You will need a deposit of at least 10% of the property value. Then you need to find the best deal for you 鈥?some people prefer fixed rates, some prefer variable deals. You can either shop around yourself or use an Independent Mortgage Adviser or IFA to do the research for you. Once you have found a mortgage you are happy with, you complete an application form and send it to the mortgage company 鈥?they will assess it and, if they are happy, will instruct a valuer to assess the value of the property and make sure it is suitable for mortgage purposes. Assuming this is ok, they will send you a Mortgage Offer confirming all the details. Your solicitor will then carry out various legal checks and searches to ensure the property has no legal issues attached to it and, once they are happy, a completion date is agreed with the seller and the mortgage company. The funds are then exchanged and the house is yours !
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.impartial.co.uk.
What are the steps to getting a mortgage?
Depends on how pro-active you want to be. Your best bet is to look for a mortgage broker who works with a number of different banks (a Yahoo search will probably turn up a few in your area).
Contact the broker of your choice and tell him/her you want to buy a house and are looking to get pre-approved. The broker will have you fill out some paperwork and shop your application around for the best rate (a good one will anyhow).
If your credit is adequate, you will receive back a pre-approval, a maximum loan amount and an interest rate quote.
Go house shopping. Remember to ask for the payments on the maximum amount available, then figure in taxes and possibly PMI (if you can't put down 20%) to get your full payment. If you don't think you can comfortably afford that payment, do not look at houses in the upper range of your pre-approval. this is what got many people in trouble - they figured because the bank said they could afford something, then they would have no problem. While banks will probably get better at not over-extending credit, remember that they make more money by lending more not less, so they will probably still approve at higher levels then you may be comfortable with.
Also ask the broker about points and loan origination fees - you may be able to negotiate better terms.
When you find a house, it will get appraised and you will actually have some more papers to sign and probably more to fill out (verification of salary, etc.). After you fill it all out, the paperwork goes to the underwriters who will then confirm that availability of the loan - be prepared - they may ask for even more paperwork.
What is the meaning of RRSP 2nd mortgage in Canada?
In other words, can I use my RRSP as downpayment? how does it work?THANKS.What is the meaning of RRSP 2nd mortgage in Canada?
Yes you can, but it is not a 2nd mortgage. I think you can borrow 20,000 from your RRSP to use as a downpayment on your first home (or a subsequent home if you have not owned for more than 5 years), 40,000 for a couple.
After the first year you must pay this back into your RRSP over a number of years, 20 maybe. If you don't do the repayment there will be a tax penalty similar to that which would apply if you took money out of your RRSP for any reason.
You should check with a mortgage broker, they will know the current legislation. I am not sure of any of those numbers because the rules change.the bees pop beauty
Yes you can, but it is not a 2nd mortgage. I think you can borrow 20,000 from your RRSP to use as a downpayment on your first home (or a subsequent home if you have not owned for more than 5 years), 40,000 for a couple.
After the first year you must pay this back into your RRSP over a number of years, 20 maybe. If you don't do the repayment there will be a tax penalty similar to that which would apply if you took money out of your RRSP for any reason.
You should check with a mortgage broker, they will know the current legislation. I am not sure of any of those numbers because the rules change.
Do Billionaires have mortgages?
I heard one UK billionaire say in a news article that he has 'mortgages up to here' (meaning a lot)
How do people of such wealth need bank loans to pay for a house when they're net worth is 5-8 times the price of some homesDo Billionaires have mortgages?
Sure, they can have mortgages. Maybe they could pay cash, but why should they? They're smart enough to realize that many fortunes have been made in real estate. And the real fortunes have been made with leverage--by using borrowed money, that is, mortgages.
Here's an example: Let's say there's a house that costs $200,000 today. You pay all cash for it. No mortgage. In 5 years, the house is worth $400,000. Excluding miscellaneous expenses, you've doubled your money. You've earned 100% return on your investment. Over 5 years, that's a 20% annual return. Pretty good.
But let's say you only put 20% down--$40,000. You borrow the rest. That means you have a mortgage of $160,000. In five years, the house is worth $400,000. Same scenario as above. But your investment--the money you had to come up with--was only $40,000. You've earned 500% return on your investment--$200,000 on a $40,000 investment. Over 5 years, that's a 100% annual return. Much better.
But let's say you only put down 5%--$10,000. You have a $190,000 mortgage. Five years later the house is worth $400,000. You've earned $200,000 on a $10,000 investment--a 2000% percent return, or 400% annually. Even better.
So billionaires (and wealthy people, and real estate investors) might be able to pay all cash for a property. (And they do, if the cash purchase will sufficiently lower the cost.) But, in general, why should they? There's a lot more profit (and more risk) to use leverage.
Hope that helps.Do Billionaires have mortgages?
It might be that their house is worth hundreds of millions and they do not have that much liquid assets. Many billionaires have their wealth locked up in the value of the company they own. It might not be actual cash. And for somebody to be so financially successfully, they probably know the best way, or have hired experts who do, to manage their money. Every penny matters. Somtimes it could be for taxation reasons.
I guess they could, but think about it, even the most expensive house in the world would only be a small chunk of pocket change for them, so it would be unwise.
Millionaire Ed McMahon was in foreclosure (before Donald Trump bought his house). You'd think if you had millions (let alone billions), you'd pay cash for your house (and put away some cash for taxes) as to know you'd never lose it, no matter how much you squandered your wealth.
The wealthy use their investments wisely... so most of them probably have large mortgages on most of their properties.
It also means a few less bills for them for insurance payments and tax payments- the mortgage company will handle all of that for them.
I work for a mortgage company and the other day had a client with 5 million in the bank, was purchasing a $300,000 investment home and was only putting a $60,000 down payment, financed $240,000. He will keep his other money in investments earning more than his interest rate, and end up making even more money in the long run. And he'll write off the mrotgage interest on his taxes.
Mortgages are a VERY smart investment vehicle.
Yes, because they're as stupid with their money as poor people, they just have more of it. Did you see how many Hollywood actors and sports figures are behind in their mortgages?
How do people of such wealth need bank loans to pay for a house when they're net worth is 5-8 times the price of some homesDo Billionaires have mortgages?
Sure, they can have mortgages. Maybe they could pay cash, but why should they? They're smart enough to realize that many fortunes have been made in real estate. And the real fortunes have been made with leverage--by using borrowed money, that is, mortgages.
Here's an example: Let's say there's a house that costs $200,000 today. You pay all cash for it. No mortgage. In 5 years, the house is worth $400,000. Excluding miscellaneous expenses, you've doubled your money. You've earned 100% return on your investment. Over 5 years, that's a 20% annual return. Pretty good.
But let's say you only put 20% down--$40,000. You borrow the rest. That means you have a mortgage of $160,000. In five years, the house is worth $400,000. Same scenario as above. But your investment--the money you had to come up with--was only $40,000. You've earned 500% return on your investment--$200,000 on a $40,000 investment. Over 5 years, that's a 100% annual return. Much better.
But let's say you only put down 5%--$10,000. You have a $190,000 mortgage. Five years later the house is worth $400,000. You've earned $200,000 on a $10,000 investment--a 2000% percent return, or 400% annually. Even better.
So billionaires (and wealthy people, and real estate investors) might be able to pay all cash for a property. (And they do, if the cash purchase will sufficiently lower the cost.) But, in general, why should they? There's a lot more profit (and more risk) to use leverage.
Hope that helps.Do Billionaires have mortgages?
It might be that their house is worth hundreds of millions and they do not have that much liquid assets. Many billionaires have their wealth locked up in the value of the company they own. It might not be actual cash. And for somebody to be so financially successfully, they probably know the best way, or have hired experts who do, to manage their money. Every penny matters. Somtimes it could be for taxation reasons.
I guess they could, but think about it, even the most expensive house in the world would only be a small chunk of pocket change for them, so it would be unwise.
Millionaire Ed McMahon was in foreclosure (before Donald Trump bought his house). You'd think if you had millions (let alone billions), you'd pay cash for your house (and put away some cash for taxes) as to know you'd never lose it, no matter how much you squandered your wealth.
The wealthy use their investments wisely... so most of them probably have large mortgages on most of their properties.
It also means a few less bills for them for insurance payments and tax payments- the mortgage company will handle all of that for them.
I work for a mortgage company and the other day had a client with 5 million in the bank, was purchasing a $300,000 investment home and was only putting a $60,000 down payment, financed $240,000. He will keep his other money in investments earning more than his interest rate, and end up making even more money in the long run. And he'll write off the mrotgage interest on his taxes.
Mortgages are a VERY smart investment vehicle.
Yes, because they're as stupid with their money as poor people, they just have more of it. Did you see how many Hollywood actors and sports figures are behind in their mortgages?
Since mortgage default rates are highest for blacks & Hispanics, will Dems support the bailout?
This isn't racist to ask. It's based on facts. And, Dems get a ton of votes from minorities.Since mortgage default rates are highest for blacks %26amp; Hispanics, will Dems support the bailout?
Both Bush %26amp; McCain tried to regulate these companies, with a warning that this would happen, and both times, the LIBERAL DEMOCRATS shot down the idea...Since mortgage default rates are highest for blacks %26amp; Hispanics, will Dems support the bailout?
Ummm yea too bad the homeowners aren't getting any of this tax money. It's just going to boost liquidity for the lenders, so they can perpetuate their house of cards. The homeowners will still be required to make their payments if they don't foreclose.
HAHA This isn't about the well being of the homeowners. This is about the well being of financial institutions who spent hard earned money on lobbyists to keep politicians in their back pockets.
';...
# The President set a goal to increase the number of minority homeowners by 5.5 million families by the end of the decade. Through his homeownership challenge, the President called on the private sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority homeownership - including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade.
# President Bush signed the $200 million-per-year American Dream Downpayment Act which will help approximately 40,000 families each year with their downpayment and closing costs.
# The Administration proposed the Zero-Downpayment Initiative to allow the Federal Housing Administration to insure mortgages for first-time homebuyers without a downpayment. Projections indicate this could generate over 150,000 new homeowners in the first year alone...';
YAY!!!!! BUSH!!!! YAY!!!!!!!
your question implies that the bailout money will go to individual mortgage holders to prevent foreclosure on their homes. you are mistaken. the bailout is for the companies, their ceo's and shareholders whose bad decisions and policies created the problem. and they were allowed to make these disastrous policies because the republican controlled government decided to deregulate banks, mortgage brokers, insurance entities so there was no oversight to insure law and sound business policies were followed.
If anything, blacks and Hispanics are canaries in the coal mine. Don't kid yourself. The PTB know this debacle will move up the food chain. And fast. Wait for student loan bailouts. Wait for car company bailouts. Wait for the credit card debt implosion. All Americans except the well connected will be bone crushed. I don't care what race you are. You can run but you can't hide.
They do support the bailout, but they want the government to put more regulation on big cooperates and look for their financial statement to determine the real causes of these crisis. The rate is not only high for American- American and Hispanic. It's very high for any middle-class American!!
They will have to. They'll look bad to their voters if they don't. However, since it was Clinton that instituted the mortgage laws that got us into this mess, it is something that is coming back around to bite them in the butt.
they will be helped along with alot of whites. the dems will support it because they know people will vote for them if they get a handout. problem is i have yet to see in the constitution where they have the right to do it
Yes they will support some bailouts.
They have to.
Somebody has to clean up The Republican mess again.
Last Time President HW Bush promised ';read my lips';, and was man enough to realize it could not work.
good example of typical republican racism that they claim does not exist...... lets just blame the blacks and mexicans.
get a life!
The only problem is that your absolutely wrong. The mortgage defaults by white middl.e class is much greater
Show us the facts.
I personally don't believe they exist.
Both Bush %26amp; McCain tried to regulate these companies, with a warning that this would happen, and both times, the LIBERAL DEMOCRATS shot down the idea...Since mortgage default rates are highest for blacks %26amp; Hispanics, will Dems support the bailout?
Ummm yea too bad the homeowners aren't getting any of this tax money. It's just going to boost liquidity for the lenders, so they can perpetuate their house of cards. The homeowners will still be required to make their payments if they don't foreclose.
HAHA This isn't about the well being of the homeowners. This is about the well being of financial institutions who spent hard earned money on lobbyists to keep politicians in their back pockets.
';...
# The President set a goal to increase the number of minority homeowners by 5.5 million families by the end of the decade. Through his homeownership challenge, the President called on the private sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority homeownership - including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade.
# President Bush signed the $200 million-per-year American Dream Downpayment Act which will help approximately 40,000 families each year with their downpayment and closing costs.
# The Administration proposed the Zero-Downpayment Initiative to allow the Federal Housing Administration to insure mortgages for first-time homebuyers without a downpayment. Projections indicate this could generate over 150,000 new homeowners in the first year alone...';
YAY!!!!! BUSH!!!! YAY!!!!!!!
your question implies that the bailout money will go to individual mortgage holders to prevent foreclosure on their homes. you are mistaken. the bailout is for the companies, their ceo's and shareholders whose bad decisions and policies created the problem. and they were allowed to make these disastrous policies because the republican controlled government decided to deregulate banks, mortgage brokers, insurance entities so there was no oversight to insure law and sound business policies were followed.
If anything, blacks and Hispanics are canaries in the coal mine. Don't kid yourself. The PTB know this debacle will move up the food chain. And fast. Wait for student loan bailouts. Wait for car company bailouts. Wait for the credit card debt implosion. All Americans except the well connected will be bone crushed. I don't care what race you are. You can run but you can't hide.
They do support the bailout, but they want the government to put more regulation on big cooperates and look for their financial statement to determine the real causes of these crisis. The rate is not only high for American- American and Hispanic. It's very high for any middle-class American!!
They will have to. They'll look bad to their voters if they don't. However, since it was Clinton that instituted the mortgage laws that got us into this mess, it is something that is coming back around to bite them in the butt.
they will be helped along with alot of whites. the dems will support it because they know people will vote for them if they get a handout. problem is i have yet to see in the constitution where they have the right to do it
Yes they will support some bailouts.
They have to.
Somebody has to clean up The Republican mess again.
Last Time President HW Bush promised ';read my lips';, and was man enough to realize it could not work.
good example of typical republican racism that they claim does not exist...... lets just blame the blacks and mexicans.
get a life!
The only problem is that your absolutely wrong. The mortgage defaults by white middl.e class is much greater
Show us the facts.
I personally don't believe they exist.
Can your name be on a home mortgage if it's not on the deed?
My husband died recently. I know for sure that I'm on the home mortgage and the home equity loan. I can't find the deed to the house though. Is it possible to be a grantor on a home's mortgage is you're not also on the deed?Can your name be on a home mortgage if it's not on the deed?
I am very sorry for your loss....I am sure alot of what to do can be very confusing.
If you are the surviving spouse, you don't have to change anything, other than adding your name to the deed.
If you keep paying it, on time, as his widow, you inherit the tax deductions and cannot legally be forced to refinance the home.
Alot of people will ill-inform you that you have to refinance, and you do not. You can go down to the county register of deeds and have your name quit-claimed onto the property since you are the surviving spouse...just take the death certificate with you.Can your name be on a home mortgage if it's not on the deed?
You can, indeed, have signed a mortgage agreement without being on the title to the property. You can easily check the ownership records at the local county land office or register of land deeds.
They will have copies of what you need.
Yes it can, I can look up the vesting (deed) if I have the address.
Depending upon the state it may not matter if you're not on the deed or not.
Yes, it is. But you should remember signing something to that effect. Try searching on line through your local county Grantee/Grantor Index, if it's available on line in your county. Otherwise call your local County Recorder and, for a low cost, they can send you a copy of your Deed of Trust.
You should know if your name is on a mortage because you would have had to signed. He could not have had your name on the mortgage without your signature, unless it was forged. It is always best to get the advice of an attorney.
I am very sorry for your loss....I am sure alot of what to do can be very confusing.
If you are the surviving spouse, you don't have to change anything, other than adding your name to the deed.
If you keep paying it, on time, as his widow, you inherit the tax deductions and cannot legally be forced to refinance the home.
Alot of people will ill-inform you that you have to refinance, and you do not. You can go down to the county register of deeds and have your name quit-claimed onto the property since you are the surviving spouse...just take the death certificate with you.Can your name be on a home mortgage if it's not on the deed?
You can, indeed, have signed a mortgage agreement without being on the title to the property. You can easily check the ownership records at the local county land office or register of land deeds.
They will have copies of what you need.
Yes it can, I can look up the vesting (deed) if I have the address.
Depending upon the state it may not matter if you're not on the deed or not.
Yes, it is. But you should remember signing something to that effect. Try searching on line through your local county Grantee/Grantor Index, if it's available on line in your county. Otherwise call your local County Recorder and, for a low cost, they can send you a copy of your Deed of Trust.
You should know if your name is on a mortage because you would have had to signed. He could not have had your name on the mortgage without your signature, unless it was forged. It is always best to get the advice of an attorney.
How soon can i pay off my mortgage if i send extra each month?
My balance is about 159000
My regular payment is 1411.00
if I sent an extra 69.00
my interest rate is 6.5
thank youHow soon can i pay off my mortgage if i send extra each month?
I actually figured the escrow in from the numbers you had given so based on the numbers I determined you loan payment to actually be 1028.75 plus the additional 69 dollars going to principle...that will pay off your loan four years and three months early.
http://www.bankrate.com/brm/mortgage-cal鈥?/a>
Another interesting fact that few know is...pay your mortgage twice a month...nothing extra. Example if your mortage is due December 1, then on November 15th send 1/2 the payment on December 1st send the second half. Doing this alone can reduce the length of your mortage by a couple months.
How soon can i pay off my mortgage if i send extra each month?
Always pay extra what ever you can afford. Remember that in the beginning of your payment plan your paying like 90-10 with 10 ONLY going toward payment and 90 going toward interest. So anything extra you pay goes toward Principal. If you make an extra monthly payment in one year you should knock off about 5 years by the time your done.
You will shave about 4 1/3 years off your mortgage by paying that extra.
It helps but you need to up it a bit more to really make a difference.
On 拢69 per month, its not going to shorten the Mortgage period by much more than a year. I would save the money for a rainy day.
Your 69 extra each month will have you paid off 13 months earlier.
http://www.hsh.com/calc-amort.html
My regular payment is 1411.00
if I sent an extra 69.00
my interest rate is 6.5
thank youHow soon can i pay off my mortgage if i send extra each month?
I actually figured the escrow in from the numbers you had given so based on the numbers I determined you loan payment to actually be 1028.75 plus the additional 69 dollars going to principle...that will pay off your loan four years and three months early.
http://www.bankrate.com/brm/mortgage-cal鈥?/a>
Another interesting fact that few know is...pay your mortgage twice a month...nothing extra. Example if your mortage is due December 1, then on November 15th send 1/2 the payment on December 1st send the second half. Doing this alone can reduce the length of your mortage by a couple months.
How soon can i pay off my mortgage if i send extra each month?
Always pay extra what ever you can afford. Remember that in the beginning of your payment plan your paying like 90-10 with 10 ONLY going toward payment and 90 going toward interest. So anything extra you pay goes toward Principal. If you make an extra monthly payment in one year you should knock off about 5 years by the time your done.
You will shave about 4 1/3 years off your mortgage by paying that extra.
It helps but you need to up it a bit more to really make a difference.
On 拢69 per month, its not going to shorten the Mortgage period by much more than a year. I would save the money for a rainy day.
Your 69 extra each month will have you paid off 13 months earlier.
http://www.hsh.com/calc-amort.html
What parties are involved in switching a mortgage from 1 lender to another?
I bought a privately held mortgage from the person who held the mortgage. We met, signed a contract saying I was buying and he was selling, and I took the assignment of mortgage document to be recorded at the city recording office.
It depends on who holds the mortgage and what their policy is, but at it's simplest, you only need the two parties who are ';switching'; the mortgage, and the clerk that records this assignment. In fact, in the state of Maryland, this assignment does not legally have to be recorded, so you need never involve the county recorder, and it could just be an agreement between the two lenders.What parties are involved in switching a mortgage from 1 lender to another?
It depends if you're refinancing or if the servicer of your loan is changing.
If you're refinancing: your current servicer (who you send your payments to,) the company refinancing you, the title company, and the new servicer.) You may also need a new appraisal and your homeowner's insurance mortgagee clause will have to be updated.
If your servicer is changing, just them and the new servicer. They will contact your insurance company and re-do the lien holder on your title.
It depends on who holds the mortgage and what their policy is, but at it's simplest, you only need the two parties who are ';switching'; the mortgage, and the clerk that records this assignment. In fact, in the state of Maryland, this assignment does not legally have to be recorded, so you need never involve the county recorder, and it could just be an agreement between the two lenders.What parties are involved in switching a mortgage from 1 lender to another?
It depends if you're refinancing or if the servicer of your loan is changing.
If you're refinancing: your current servicer (who you send your payments to,) the company refinancing you, the title company, and the new servicer.) You may also need a new appraisal and your homeowner's insurance mortgagee clause will have to be updated.
If your servicer is changing, just them and the new servicer. They will contact your insurance company and re-do the lien holder on your title.
What role does (PMI) Private mortgage insurance play in the Sub Prime Mortgage disaster?
I thought Private Mortgage Insurance Protects lenders from loans that default?What role does (PMI) Private mortgage insurance play in the Sub Prime Mortgage disaster?
It doesn't play much of a role at all, in my opinion. The Sub Prime situation by and large involved high loan to value financing vehicles, whether it be ';interest only';, 80/20 combo loans, stated, or what have you. In the 80/20 combo situation, there was no mortgage insurance involved. PMI is involved in the pre-construction fiasco, but that's another story in itself. In fact during the 80/20 craze, the PMI folks lobbied Congress to get a deductibilty situation set up ( consult your tax advisor) so they could get back in the game.What role does (PMI) Private mortgage insurance play in the Sub Prime Mortgage disaster?
PMI did protect lenders from loans that defaulted, but the problem is most subprime loan companies sold those loans off to investors after they originated the loans.
The ';bust'; happened when so many of these loans defaulted, PMI companies refused to insure anymore of the loans that fell below a certain credit criteria....and therefore the subprime mortgage companies could no longer originate loans to sell.
Alot of homeowners that had subprime loans didn't even know they were paying PMI..because it was built into the loan and not paid separately.
they do but rember it is like insurance, a smallpercentage is kept a ide to offset any forclosures, but when over 30% of written loans are subprime, or more than what the property is worth and some unforseen action happens:
Lost of income
ARM Mortgages
etc....
this causes our economy to go into a tailspin, but if you keep your mortgage between 25-28% of income, setup auto draft and pay 10 % extra month ly (principle). You can get below the 80% to value needed for PMI and ask for it to be removed.the bees pop beauty
It doesn't play much of a role at all, in my opinion. The Sub Prime situation by and large involved high loan to value financing vehicles, whether it be ';interest only';, 80/20 combo loans, stated, or what have you. In the 80/20 combo situation, there was no mortgage insurance involved. PMI is involved in the pre-construction fiasco, but that's another story in itself. In fact during the 80/20 craze, the PMI folks lobbied Congress to get a deductibilty situation set up ( consult your tax advisor) so they could get back in the game.What role does (PMI) Private mortgage insurance play in the Sub Prime Mortgage disaster?
PMI did protect lenders from loans that defaulted, but the problem is most subprime loan companies sold those loans off to investors after they originated the loans.
The ';bust'; happened when so many of these loans defaulted, PMI companies refused to insure anymore of the loans that fell below a certain credit criteria....and therefore the subprime mortgage companies could no longer originate loans to sell.
Alot of homeowners that had subprime loans didn't even know they were paying PMI..because it was built into the loan and not paid separately.
they do but rember it is like insurance, a smallpercentage is kept a ide to offset any forclosures, but when over 30% of written loans are subprime, or more than what the property is worth and some unforseen action happens:
Lost of income
ARM Mortgages
etc....
this causes our economy to go into a tailspin, but if you keep your mortgage between 25-28% of income, setup auto draft and pay 10 % extra month ly (principle). You can get below the 80% to value needed for PMI and ask for it to be removed.
How many Dems have paid for the mortgage of their immigrant neighbors since Dems say to share the wealth?
I donated the cinder blocks so my Republican neighbors could level off their double-wide. They even had some left over for the pickup truck in their front yard. Does that count?How many Dems have paid for the mortgage of their immigrant neighbors since Dems say to share the wealth?
I';m an illegal, and no my mortgage has never been paid because I don't have one... we rent, we stay to ourselves, we put the mattresses against the wall during the day and use the whole space at night for the rest of my family. Why do the Americans not like us so much?
okay fine, I'm no illegal. But this is what they do, trust me I have ';illegal'; neighbors in my apartment building in NYC I don't know how they got past the credit check I was so easily discriminated upon, but they do this ... it is a 2 bedroom apartment and they have 10 people living in there. They have mattresses that they stand up against the walls and put them down at night. They also cook horrific smelling food, which is strange cause I like consumer-chain mexcan food haha. But they are relatively quiet if it wasn't for that damned radio that seems to play the same ******* song over and over again till the point you want to bash their wall in because you know that they might scatter thinking it was INS (an awful joke by the way knocking on the door and flashing a badge)How many Dems have paid for the mortgage of their immigrant neighbors since Dems say to share the wealth?
As many Republicans still forking over funding for the two wars in the Middle East, under the misguidance of President Bush, and cronies.
I don't have any immigrant neighbors.....
Unless you mean the money taxpayers pay to REBUILD the infrastructure of a particular foreign country we had NO business attacking....
More than their republican counterparts considering that most Democrats tend to be more affluent and pay more taxes.
america=work,play,pay,die.
A higher percentage that the amount of wealth that has ';trickled down'; over the last 8 years.
Blow it out your ***.
Dems believe in YOU sharing Your wealth. Dems don't share THEIR wealth.
None, well if republicans would stop hiring the illegals and giving them the motivation to come here in the first place.
Dem's don't pay tax's, and they just want you to pay for some one else, not them.
About the same amount as Republicans that adopt newborns...
None, actually.
Zero.
Just pay your fair share of taxes and shut up!
Can you say';taking it to literally';? By the way. We are all immigrants
Nah,nah ,nah , grow up and go get a job
More prof that Dems are all talk.
I';m an illegal, and no my mortgage has never been paid because I don't have one... we rent, we stay to ourselves, we put the mattresses against the wall during the day and use the whole space at night for the rest of my family. Why do the Americans not like us so much?
okay fine, I'm no illegal. But this is what they do, trust me I have ';illegal'; neighbors in my apartment building in NYC I don't know how they got past the credit check I was so easily discriminated upon, but they do this ... it is a 2 bedroom apartment and they have 10 people living in there. They have mattresses that they stand up against the walls and put them down at night. They also cook horrific smelling food, which is strange cause I like consumer-chain mexcan food haha. But they are relatively quiet if it wasn't for that damned radio that seems to play the same ******* song over and over again till the point you want to bash their wall in because you know that they might scatter thinking it was INS (an awful joke by the way knocking on the door and flashing a badge)How many Dems have paid for the mortgage of their immigrant neighbors since Dems say to share the wealth?
As many Republicans still forking over funding for the two wars in the Middle East, under the misguidance of President Bush, and cronies.
I don't have any immigrant neighbors.....
Unless you mean the money taxpayers pay to REBUILD the infrastructure of a particular foreign country we had NO business attacking....
More than their republican counterparts considering that most Democrats tend to be more affluent and pay more taxes.
america=work,play,pay,die.
A higher percentage that the amount of wealth that has ';trickled down'; over the last 8 years.
Blow it out your ***.
Dems believe in YOU sharing Your wealth. Dems don't share THEIR wealth.
None, well if republicans would stop hiring the illegals and giving them the motivation to come here in the first place.
Dem's don't pay tax's, and they just want you to pay for some one else, not them.
About the same amount as Republicans that adopt newborns...
None, actually.
Zero.
Just pay your fair share of taxes and shut up!
Can you say';taking it to literally';? By the way. We are all immigrants
Nah,nah ,nah , grow up and go get a job
More prof that Dems are all talk.
My husbands name is still on the mortgage he had from a previous marriage. the effects of foreclosure on me?
okay here is the scoop. If my husbands ex wife lets the house that is still in both their names go into to foreclosure, will this effect the current mortgage him and I have together?
The house was to be sold as part of their divorce decree but due to the market, it hasn't sold and the ex can no longer keep up with the payments and we can swing both mortgages.My husbands name is still on the mortgage he had from a previous marriage. the effects of foreclosure on me?
The foreclosure will not affect your current mortgage.
Who was awarded the house in the divorce decree? If the house was awarded to the wife, the your husband can possibly dispute the foreclosure stating that it was not his responsibility per the divorce agreement.My husbands name is still on the mortgage he had from a previous marriage. the effects of foreclosure on me?
It won't affect the current mortgage you have together. It will though ravage both your credit and make you unable to refinance for 3 or more years.
If you can kick her out and rent it out and try to keep the payments current.
You could also sell the house short sale through the lender. It will still hurt your credit but not as bad.
Sorry. You are obligated.
discuss this with your attorney and get your credit reports printed from all 3 companies.
The house was to be sold as part of their divorce decree but due to the market, it hasn't sold and the ex can no longer keep up with the payments and we can swing both mortgages.My husbands name is still on the mortgage he had from a previous marriage. the effects of foreclosure on me?
The foreclosure will not affect your current mortgage.
Who was awarded the house in the divorce decree? If the house was awarded to the wife, the your husband can possibly dispute the foreclosure stating that it was not his responsibility per the divorce agreement.My husbands name is still on the mortgage he had from a previous marriage. the effects of foreclosure on me?
It won't affect the current mortgage you have together. It will though ravage both your credit and make you unable to refinance for 3 or more years.
If you can kick her out and rent it out and try to keep the payments current.
You could also sell the house short sale through the lender. It will still hurt your credit but not as bad.
Sorry. You are obligated.
discuss this with your attorney and get your credit reports printed from all 3 companies.
What are my chances of getting a mortgage?
My freecreditreport.com score was 777 with experion. and i have about $80,000 saved in the bank. I want to buy a duplex and rent the other side out to pay my mortgage. Im looking in the $180,000 range. However, with my job i only make about $1500 month. Will this prevent me from getting approved?What are my chances of getting a mortgage?
i would say small chance, sorry. the bank will look at whether or not you can pay the mortgage if the other side is not rented.What are my chances of getting a mortgage?
Sorry no. Basically rent or mortgage should not be over 35%. They look at debt ratio as well.
You would need a payment of around $525 which would need to include taxes and insurance. With no debt and the above scenario payment and interest alone would be around $755 to $859 per month.
You would only qualify for a loan amount somewhere maybe in the $60,000 range. Would again have to look at taxes for your area, insurance, debts, etc... before getting more specific.
Try to boost your income. Then try again in about 9 months or get a co-signer.
Depends how much you put down on the home...essentially home much is financed, what your other monthly liabilities are.
Check out this page:
http://www.thetruthaboutmortgage.com/dti鈥?/a>
It has a calculator that will help you figure it out. You'll need to put in an estimated interested rate.
At 1500 a month you would only qualify for a 45,000 mortgage so you will need to come up with another 55,000 dollars for a total down payment of 140,000. Plus you will need money for closing costs, appraisal, inspection, earnest money etc...
1500 a month income....no chance.....
i would say small chance, sorry. the bank will look at whether or not you can pay the mortgage if the other side is not rented.What are my chances of getting a mortgage?
Sorry no. Basically rent or mortgage should not be over 35%. They look at debt ratio as well.
You would need a payment of around $525 which would need to include taxes and insurance. With no debt and the above scenario payment and interest alone would be around $755 to $859 per month.
You would only qualify for a loan amount somewhere maybe in the $60,000 range. Would again have to look at taxes for your area, insurance, debts, etc... before getting more specific.
Try to boost your income. Then try again in about 9 months or get a co-signer.
Depends how much you put down on the home...essentially home much is financed, what your other monthly liabilities are.
Check out this page:
http://www.thetruthaboutmortgage.com/dti鈥?/a>
It has a calculator that will help you figure it out. You'll need to put in an estimated interested rate.
At 1500 a month you would only qualify for a 45,000 mortgage so you will need to come up with another 55,000 dollars for a total down payment of 140,000. Plus you will need money for closing costs, appraisal, inspection, earnest money etc...
1500 a month income....no chance.....
Cash out refinancing for another mortgage downpayment?
I want to do a cash out refinance on my mortgage in order to get a down payment for an income property. I have plenty of equity in my current mortgage. Where do I begin?
Do I do the refinance first and hope my bid on the income property is accepted? Do I put in a bid on the house first? Is there a way to roll some things together to avoid paying closing costs on the refinance and the new property purchase?
Is this just a bad idea all together?Cash out refinancing for another mortgage downpayment?
The only way to do this is to do the cash out refinance first. This allows you to season the down payment for the purchase and allows the lender to accurately calculate your debt to income ratio because the new mortgage payment should be reporting by the time you apply for the purchase.
You should also know that you will need to qualify for both mortgages without including the anticipated rental income when you apply for the investment property loan.
Do I do the refinance first and hope my bid on the income property is accepted? Do I put in a bid on the house first? Is there a way to roll some things together to avoid paying closing costs on the refinance and the new property purchase?
Is this just a bad idea all together?Cash out refinancing for another mortgage downpayment?
The only way to do this is to do the cash out refinance first. This allows you to season the down payment for the purchase and allows the lender to accurately calculate your debt to income ratio because the new mortgage payment should be reporting by the time you apply for the purchase.
You should also know that you will need to qualify for both mortgages without including the anticipated rental income when you apply for the investment property loan.
Has anyone ever heard of First Guarantee Mortgage?
We're looking to refinance our home and they seem to have the best deal at the lowest interest rate. Please, if you've heard anything about them bad, or good let me know. Maybe even your own experiences. Thanks so much.Has anyone ever heard of First Guarantee Mortgage?
never heard of them. look tham up at better busines bureau.
never heard of them. look tham up at better busines bureau.
Can a person walk away from their mortgage free and clear if an error was made in the spelling of their name?
This is going to sound really silly, I'm trying to verify a story told to me that I don't think is true but someone told me their name was misspelled on the title %26amp; insurance and that when they refinanced the first loan wasn't paid off as it should have been so they're able to walk away from their home now free and clear. This is in the state of GA. True or not?
Also, is there a list that shows homes in foreclosure in GA?
Thanks!Can a person walk away from their mortgage free and clear if an error was made in the spelling of their name?
No.
and-
Foreclosure.com (look for GA.)Can a person walk away from their mortgage free and clear if an error was made in the spelling of their name?
You are correct that it is NOT true.
I'm in law school, and that doesn't make me a lawyer, but the reason you would still be bound by the agreement is that you intended to be bound by it. A spelling mistake doesn't let you off the hook; as long as you had a ';meeting of the minds'; regarding your intention and the intention of the other party to enter into a contract, you've got one.the bees pop beauty
Also, is there a list that shows homes in foreclosure in GA?
Thanks!Can a person walk away from their mortgage free and clear if an error was made in the spelling of their name?
No.
and-
Foreclosure.com (look for GA.)Can a person walk away from their mortgage free and clear if an error was made in the spelling of their name?
You are correct that it is NOT true.
I'm in law school, and that doesn't make me a lawyer, but the reason you would still be bound by the agreement is that you intended to be bound by it. A spelling mistake doesn't let you off the hook; as long as you had a ';meeting of the minds'; regarding your intention and the intention of the other party to enter into a contract, you've got one.
Wasnt it democrats who wanted to give mortgage loans to those with bad credit?
...in response to activists and groups such as ACORN, to help those who arent creditworthy to buy homes? sounds really heartwarming and generous, but was it realistic? social security and medicare are also democrat-founded that are practically bankrupt and will cause $44 trillion in debt in the coming years. it will for a certainty, because no one (including republicans) will do anything to fix this issue.Wasnt it democrats who wanted to give mortgage loans to those with bad credit?
Of course, it was Democrats. The only reason poor people couldn't buy homes was because of racism, didn't you know that? But there are other reasons, of course. I must tell you that the third time I tried to obtain a mortgage (first two houses sold), and was put through the regulatory ringer, due to the ';Fair Housing Act,'; I got very disgusted. One might assume that someone who had clean credit, had already obtained and paid off two home loans would be deemed a good risk. So, while all these high risk loans were being made, how many good borrowers were turned down due to regulations?
Pres. Bush tried to deal with Social Security reform and that got tabled. The truth about SS and Medicare is that the AARP is THE most powerful lobbyist in the nation. These wealthy retirees won't let you touch their ';entitlement'; and they don't give a darn if there's anything there for us when we get there.
And Gen-X'ers (and younger), who've been told our entire lives that we would never see it are more interested in legalizing pot, fighting for gay rights or burning flags. If we riot, it should be about our retirements.Wasnt it democrats who wanted to give mortgage loans to those with bad credit?
Nope - the credit crisis was no government action.
It was greedy loan originators ignoring or not checking credit histories and verifying income, and inflating the amount of available credit the applicant could handle.
It was caused by deregulation - a favorite Republican goal.
Wasn't it Phil Gramm, John McCain's top economics adviser, who said we don't need all those messy laws and the market can regulate itself?
Yes it was in response to those like ACORN selling wolf tickets, demanding that everyone be allowed to get a mortgage.
Remember when Clinton signed deregulation in October 1999?
Of course, it was Democrats. The only reason poor people couldn't buy homes was because of racism, didn't you know that? But there are other reasons, of course. I must tell you that the third time I tried to obtain a mortgage (first two houses sold), and was put through the regulatory ringer, due to the ';Fair Housing Act,'; I got very disgusted. One might assume that someone who had clean credit, had already obtained and paid off two home loans would be deemed a good risk. So, while all these high risk loans were being made, how many good borrowers were turned down due to regulations?
Pres. Bush tried to deal with Social Security reform and that got tabled. The truth about SS and Medicare is that the AARP is THE most powerful lobbyist in the nation. These wealthy retirees won't let you touch their ';entitlement'; and they don't give a darn if there's anything there for us when we get there.
And Gen-X'ers (and younger), who've been told our entire lives that we would never see it are more interested in legalizing pot, fighting for gay rights or burning flags. If we riot, it should be about our retirements.Wasnt it democrats who wanted to give mortgage loans to those with bad credit?
Nope - the credit crisis was no government action.
It was greedy loan originators ignoring or not checking credit histories and verifying income, and inflating the amount of available credit the applicant could handle.
It was caused by deregulation - a favorite Republican goal.
Wasn't it Phil Gramm, John McCain's top economics adviser, who said we don't need all those messy laws and the market can regulate itself?
Yes it was in response to those like ACORN selling wolf tickets, demanding that everyone be allowed to get a mortgage.
Remember when Clinton signed deregulation in October 1999?
Homeowners Only! What was the most important variable that made you choose the mortgage lender?
Loan officer was a good person. I asked her about ';committment fee'; and ';loan origination Fee'; etc. She said ';those are junk fees';. She made them go away. I also asked about having a title search and then having to buy title insurance for the bank (now that's a scam.) She was sympathetic, but that's a tough nut to crack. Get to know a good loan officer. they really can smooth the path for you.Homeowners Only! What was the most important variable that made you choose the mortgage lender?
The rate they charged, 5.8175 at the time....I should have paid a little more attention to the closing cost fees...if you have a credit union, check with them before you do anything, their fees will be the lowest.Homeowners Only! What was the most important variable that made you choose the mortgage lender?
I prayed for guidance on the situation . A lawyer friend gave me a list of questions and the lender answered all of them. My lender also made me feel comfortable and provided me with lots of information. Asking others who have been through the process makes you very insightful.
The rate and the no closing cost option.
My Dad, the Mortgage Broker, told me to choose the one I did.
The rate they charged, 5.8175 at the time....I should have paid a little more attention to the closing cost fees...if you have a credit union, check with them before you do anything, their fees will be the lowest.Homeowners Only! What was the most important variable that made you choose the mortgage lender?
I prayed for guidance on the situation . A lawyer friend gave me a list of questions and the lender answered all of them. My lender also made me feel comfortable and provided me with lots of information. Asking others who have been through the process makes you very insightful.
The rate and the no closing cost option.
My Dad, the Mortgage Broker, told me to choose the one I did.
My husband was laid off for 8 months. We fell behind on our mortgage. Is there help for us?
I don't know if a bank would refinance for us. We even considered bankruptcy but that isn't what we really want to do. We just hate being behind.My husband was laid off for 8 months. We fell behind on our mortgage. Is there help for us?
Did you try for the modification on the loan that certain people can qualify for? If you do qualify then that might help. You may be able to refinance depending on how much you owe compared to how much your house is worth, but since you have been behind you may have messed up your credit score too much to even get a good rate, you may end up worse off.My husband was laid off for 8 months. We fell behind on our mortgage. Is there help for us?
Bankruptcy is NOT the answer, and You do not need to give up on your home.
You do have options, They are different programs he might be able to eligible for, you can apply for a modification under the financial stability plan and other programs.
Under the HAMP program you may obtain an interest reduced to 2% and bring your payment as low as 31% of your current income.
They are some guidelines and requirements for each program, you can contact The Helpful Hands Foundation, Non-Profit Organization at 787-408-5996 they will give you a free phone consultation and may be able to help you with your situation.
Keep fighting for your home. You do have options.
Did you try for the modification on the loan that certain people can qualify for? If you do qualify then that might help. You may be able to refinance depending on how much you owe compared to how much your house is worth, but since you have been behind you may have messed up your credit score too much to even get a good rate, you may end up worse off.My husband was laid off for 8 months. We fell behind on our mortgage. Is there help for us?
Bankruptcy is NOT the answer, and You do not need to give up on your home.
You do have options, They are different programs he might be able to eligible for, you can apply for a modification under the financial stability plan and other programs.
Under the HAMP program you may obtain an interest reduced to 2% and bring your payment as low as 31% of your current income.
They are some guidelines and requirements for each program, you can contact The Helpful Hands Foundation, Non-Profit Organization at 787-408-5996 they will give you a free phone consultation and may be able to help you with your situation.
Keep fighting for your home. You do have options.
Mortgage affects credit score by how much?
I had a score of around 700 and recently bought a home for 200k. I got a 30 year fixed loan at 5 percent. I'm only 23... Well I just checked my score and its now 687. I'm guessing my score went down due to mortgage loan. How long will it take to go back up? And how much does a mortgage improve my credit?Mortgage affects credit score by how much?
The effect of ANY change on your credit score depends on your ENTIRE credit file. NONE ot your questions has a correct answer with one exception. In your case, the mortgage apparently reduced your score by about 13 points.Mortgage affects credit score by how much?
It could be a number of things. Possibly the numerous credit inquires that are involved in the mortgage process. But the real reason is that you now have more debt and monthly payments that would hinder you ability to borrow more money. Remember, FICO score is supposed to be a measure of how worthy you are take on debt.
The effect of ANY change on your credit score depends on your ENTIRE credit file. NONE ot your questions has a correct answer with one exception. In your case, the mortgage apparently reduced your score by about 13 points.Mortgage affects credit score by how much?
It could be a number of things. Possibly the numerous credit inquires that are involved in the mortgage process. But the real reason is that you now have more debt and monthly payments that would hinder you ability to borrow more money. Remember, FICO score is supposed to be a measure of how worthy you are take on debt.
Homeowners Only! What was the most important variable that made you choose the mortgage lender?
Loan officer was a good person. I asked her about ';committment fee'; and ';loan origination Fee'; etc. She said ';those are junk fees';. She made them go away. I also asked about having a title search and then having to buy title insurance for the bank (now that's a scam.) She was sympathetic, but that's a tough nut to crack. Get to know a good loan officer. they really can smooth the path for you.Homeowners Only! What was the most important variable that made you choose the mortgage lender?
The rate they charged, 5.8175 at the time....I should have paid a little more attention to the closing cost fees...if you have a credit union, check with them before you do anything, their fees will be the lowest.Homeowners Only! What was the most important variable that made you choose the mortgage lender?
I prayed for guidance on the situation . A lawyer friend gave me a list of questions and the lender answered all of them. My lender also made me feel comfortable and provided me with lots of information. Asking others who have been through the process makes you very insightful.
The rate and the no closing cost option.
My Dad, the Mortgage Broker, told me to choose the one I did.
The rate they charged, 5.8175 at the time....I should have paid a little more attention to the closing cost fees...if you have a credit union, check with them before you do anything, their fees will be the lowest.Homeowners Only! What was the most important variable that made you choose the mortgage lender?
I prayed for guidance on the situation . A lawyer friend gave me a list of questions and the lender answered all of them. My lender also made me feel comfortable and provided me with lots of information. Asking others who have been through the process makes you very insightful.
The rate and the no closing cost option.
My Dad, the Mortgage Broker, told me to choose the one I did.
Is there a bank that will do an auto loan for someone with mortgage currently delinquent?
high score is 540ish, middle score probably 450ish, mortgage currently due for may pmt. can get a cosigner with scores almost 800. will any bank do a car loan on this?Is there a bank that will do an auto loan for someone with mortgage currently delinquent?
jrofenloch, Get a free online auto loan quote. a good website The questionairre will let you know if you can be approved. It will only take a few minutes.
A site I've used...
http://auto.lowratetoday.com/
Hope that helps.Is there a bank that will do an auto loan for someone with mortgage currently delinquent?
Firstly Usdy N, your spam is being reported every time you post your creditcardpay blog fraudulent bullshitte
Sorry,To answer your question;
Given the current economic crisis the first question would be how can you expect to finance a car loan when you cannot pay your mortgage?
Most Banks will not accept co-signers anymore unless is it a close relative like a father or mother and they will usually ignore you and lend the money to the co-signer as the principle borrower, which in effect negates the co-signing.
frankly if you cannot support a mortgage then you will not support a car loan so NO , in short no bank , even those lenders of last resort is even going to want to know you.
In this day and age even with a cosigner I don't think you will get a loan. The first thing the loan officer is going to do is check credit history and see that your home loan is delinquent. Then they are going to ask themselves ';How will this person make a car payment when they can't pay for their home?'; In your situation a co-signer is irrelevant. They don't want to have to go after the cosigner if they don't have to, they want YOU to make the payment.
With the co-signer, possibly. Effectively, they will ignore you for purposes of approving the loan.
Why would anyone in their right mind cosign for you? Asking someone to do that for you when you are a proven dead beat is evil.
no
you have proven you do not pay back your loans
No one will want to loan to youthe bees pop beauty
jrofenloch, Get a free online auto loan quote. a good website The questionairre will let you know if you can be approved. It will only take a few minutes.
A site I've used...
http://auto.lowratetoday.com/
Hope that helps.Is there a bank that will do an auto loan for someone with mortgage currently delinquent?
Firstly Usdy N, your spam is being reported every time you post your creditcardpay blog fraudulent bullshitte
Sorry,To answer your question;
Given the current economic crisis the first question would be how can you expect to finance a car loan when you cannot pay your mortgage?
Most Banks will not accept co-signers anymore unless is it a close relative like a father or mother and they will usually ignore you and lend the money to the co-signer as the principle borrower, which in effect negates the co-signing.
frankly if you cannot support a mortgage then you will not support a car loan so NO , in short no bank , even those lenders of last resort is even going to want to know you.
In this day and age even with a cosigner I don't think you will get a loan. The first thing the loan officer is going to do is check credit history and see that your home loan is delinquent. Then they are going to ask themselves ';How will this person make a car payment when they can't pay for their home?'; In your situation a co-signer is irrelevant. They don't want to have to go after the cosigner if they don't have to, they want YOU to make the payment.
With the co-signer, possibly. Effectively, they will ignore you for purposes of approving the loan.
Why would anyone in their right mind cosign for you? Asking someone to do that for you when you are a proven dead beat is evil.
no
you have proven you do not pay back your loans
No one will want to loan to you
Can i receive the full amount of interest that i paid on my mortgage for the past five years?
in the past five years i have paid a sum of 33.000 euro interest on my mortgage only recently i heard that you can claim all the interest back
is this true or if not how much could i claim ?i also live in irelandCan i receive the full amount of interest that i paid on my mortgage for the past five years?
The interest you pay on a mortgage is the ';fee'; for the service of borrowing that money from the lender; it's how the lender makes a living! Can your employer claim back your last five years wages from you? Of course not!
Whatever you thought you heard, you weren't really paying attention!Can i receive the full amount of interest that i paid on my mortgage for the past five years?
You wish ...
If you are unemployed, you may be able to get help paying the Interest, however (at least in UK) this is not backdated ..
In UK, there is an on-going argument about how legal / reasonable Bank (Penalty) Charges are .. once this is settled it is likley that the Banks will have to repay some of the charges they made on unauthorised overdrafts or for 'bouncing' cheques / standing orders / direct debits due to lack of funds (you can be sure they will find some other way to hit you ..) .. however I have no idea if (or how) this will apply to RoI ..
Finally, it is just possible that you have been charged some excessive rate of interest 'in error' ..
Other than the above, I can think of no reason why anyone should expect to get their Mortgage Interest back :-)
If you were in the UK I would suggest speaking to your MP. They're all experts at wrongly claiming back mortgage interest.
Suspect however the answer is NO.
i double doubt it very much
is this true or if not how much could i claim ?i also live in irelandCan i receive the full amount of interest that i paid on my mortgage for the past five years?
The interest you pay on a mortgage is the ';fee'; for the service of borrowing that money from the lender; it's how the lender makes a living! Can your employer claim back your last five years wages from you? Of course not!
Whatever you thought you heard, you weren't really paying attention!Can i receive the full amount of interest that i paid on my mortgage for the past five years?
You wish ...
If you are unemployed, you may be able to get help paying the Interest, however (at least in UK) this is not backdated ..
In UK, there is an on-going argument about how legal / reasonable Bank (Penalty) Charges are .. once this is settled it is likley that the Banks will have to repay some of the charges they made on unauthorised overdrafts or for 'bouncing' cheques / standing orders / direct debits due to lack of funds (you can be sure they will find some other way to hit you ..) .. however I have no idea if (or how) this will apply to RoI ..
Finally, it is just possible that you have been charged some excessive rate of interest 'in error' ..
Other than the above, I can think of no reason why anyone should expect to get their Mortgage Interest back :-)
If you were in the UK I would suggest speaking to your MP. They're all experts at wrongly claiming back mortgage interest.
Suspect however the answer is NO.
i double doubt it very much
I am going through a divorce and my husband wants off of the mortgage - how do I do this w/out refinancing?
We currently have 2 mortgages on a 2-year-old house. One of the mortgage companies is allowing me to take over the mortgage, but the mortgage company that has the lesser of the 2 mortgages will not. We cannot refinance since there is not enough equity in the home to do so. What else can I do?I am going through a divorce and my husband wants off of the mortgage - how do I do this w/out refinancing?
You'll have to refinance. There is no other option.
Good Luck!I am going through a divorce and my husband wants off of the mortgage - how do I do this w/out refinancing?
The only way to change information or mortgagees on the loan is to refinance. From my knowledge there is no other way to remove his name. If the company will not allow it, even with divorce papers stating his name will be removed, then other than refinancing there is no way around it. You may just have to wait until the economy/housing issue gets better to remove his name.
You can't do anything about that. It's their money %26amp; they want security in having 2 people who qualified for that loan to be on it. The person who said you should have him sign a Quit Claim has no idea what they're talking about. A Quit Claim simply removes him from any interest in the property which you definitely should do since he's not going to be paying anymore, but that doesn't remove him from responsibility at bank level. Your bank calls the shots on this one. Qualifying again on your own is the only thing you can do. They will not just remove him at request.
You're going to have to sell the house, pay off the mortgages and whatever little money is left you'll have to split. You can't refinance an already double mortgaged home, that's impossible, there's no equity left!
I believe it is called a quit claim deed. Google quit claim deed and divorce and see what you find. Your mortage company should be able to send you the form for it.
You'll have to refinance. There is no other option.
Good Luck!I am going through a divorce and my husband wants off of the mortgage - how do I do this w/out refinancing?
The only way to change information or mortgagees on the loan is to refinance. From my knowledge there is no other way to remove his name. If the company will not allow it, even with divorce papers stating his name will be removed, then other than refinancing there is no way around it. You may just have to wait until the economy/housing issue gets better to remove his name.
You can't do anything about that. It's their money %26amp; they want security in having 2 people who qualified for that loan to be on it. The person who said you should have him sign a Quit Claim has no idea what they're talking about. A Quit Claim simply removes him from any interest in the property which you definitely should do since he's not going to be paying anymore, but that doesn't remove him from responsibility at bank level. Your bank calls the shots on this one. Qualifying again on your own is the only thing you can do. They will not just remove him at request.
You're going to have to sell the house, pay off the mortgages and whatever little money is left you'll have to split. You can't refinance an already double mortgaged home, that's impossible, there's no equity left!
I believe it is called a quit claim deed. Google quit claim deed and divorce and see what you find. Your mortage company should be able to send you the form for it.
I am a homeowner, bought our house in Sep 2007 with 100% financing. Want to know ways to lower our mortgage ?
I am in search of finding a way where one can renegotiate with the bank of lowering our interest rate. We have 2 loans and want to combine and get a lower rate. Please help..... I am a homeowner, bought our house in Sep 2007 with 100% financing. Want to know ways to lower our mortgage ?
Do you know what the value is? Are you upside down in the property? If so you will be stuck unless you have a mortgage about to adjust. FHA has a new program coming out in Oct this year to help those with a ARM that is adjusting.
Get in touch with a good Mortgage Broker that is FHA approved.I am a homeowner, bought our house in Sep 2007 with 100% financing. Want to know ways to lower our mortgage ?
Sorry I don't but check with your current lender. Right now most are doing all they can to prevent foreclosures. Also look up your local Mortgage Brokers Asso in your area to get a good referral.
If you still have a problem let me know and I will try to find someone in your area.
In my opinion, you should use another approach. YOU should split
the payments into 2 parts and pay 1/2 on the first and
1/2 on the 15th and that will take 7 yrs off your mortgage debt of
7 yrs.
IF you can add to those payments, an extra payment, and state
that that payment is just for principle, you can cut up to 18 more
years off your payments.
Just call to refinance and see if they will combine both loans into a first mortgage. In most cases your property would have had to increase by at least 10% and in some cases 20% before they will consider it.
It is doubtful they will do a 95%-100% loan for the property. That or come up with some money to pay down the debt.
Also check with other lenders they are not all equal. If yours won't do it another one might. Check out those that are a broker. They represent more loan options.
Good luck.
Do you know what the value is? Are you upside down in the property? If so you will be stuck unless you have a mortgage about to adjust. FHA has a new program coming out in Oct this year to help those with a ARM that is adjusting.
Get in touch with a good Mortgage Broker that is FHA approved.I am a homeowner, bought our house in Sep 2007 with 100% financing. Want to know ways to lower our mortgage ?
Sorry I don't but check with your current lender. Right now most are doing all they can to prevent foreclosures. Also look up your local Mortgage Brokers Asso in your area to get a good referral.
If you still have a problem let me know and I will try to find someone in your area.
Report Abuse
In my opinion, you should use another approach. YOU should split
the payments into 2 parts and pay 1/2 on the first and
1/2 on the 15th and that will take 7 yrs off your mortgage debt of
7 yrs.
IF you can add to those payments, an extra payment, and state
that that payment is just for principle, you can cut up to 18 more
years off your payments.
Just call to refinance and see if they will combine both loans into a first mortgage. In most cases your property would have had to increase by at least 10% and in some cases 20% before they will consider it.
It is doubtful they will do a 95%-100% loan for the property. That or come up with some money to pay down the debt.
Also check with other lenders they are not all equal. If yours won't do it another one might. Check out those that are a broker. They represent more loan options.
Good luck.
Rent VS Buy --How do those Mortgage companies work?
My fiance and I are trying to decide what we need to do. I'm curious how those Mortgage Companies work. Our credit isn't exactly perfect, it's decent though. Currently, for the past 9 months we've been renting a 1 BR apartment for $780/month. We're wanting a house. Renting a house in a decent area will be between $850-1000/month-- which is a house payment! It just seems to be a waste to rent. What do the mortgage companies consider when deciding to finance you? I'm just starting out in my career, but combined my fiance and I make just under $75K/year. We also wouldn't have a down payment but I see all the time homes with 100% financing. What are our chances of getting approved? We're going to look at a house tomorrow - 1600 sq ft that is listed for $122k here in the Memphis, TN area. And is there something we need to watch out for when speaking with Mortgage Companies?Rent VS Buy --How do those Mortgage companies work?
I am a Realtor Honestly, you should probably get with a Realtor and tell him what you are looking for. I say this because an area specialist will help you in purchasing the property. Rather than paying $10,000.00 over the price, the Realtor should know better and lead you in a way that you get the most for your money. Now every Realtor is not honest so see if there is someone that you trust. If they have used a Realtor and they recommend them, go with it. The realtor should be able to guide you through every step. If you can't find one, I know a good one in the area.
landstonegsl@yahoo.comRent VS Buy --How do those Mortgage companies work?
All I can advise is that you shop around. Some companies you speak with will have very few loan products to choose from. Some loan officers you speak with may only know a few loan products. Some will know dozens.
You could see dramatically different loan offers, which is why it's so important to shop a bit.
http://state.tn.us/thda/
Click this link for the TN housing finance agency. They'll be able to direct you to some good lenders, and also to see if you are eligible for any type of grants or subsidies for being a first-time buyer. Call them.
I have a feeling your income might be a little high for them, but I don't know the Memphis area. Perhaps the neighborhood you are looking at will qualify you for grants regardless of your income. Those programs work both ways sometimes.
But either way, they're a great resource. They have first-time buyer counseling classes you can attend (highly recommended!), lenders they can refer you to that are very unlikely to try to screw you, and may just have some free money for you.
Good luck.
I am a Realtor Honestly, you should probably get with a Realtor and tell him what you are looking for. I say this because an area specialist will help you in purchasing the property. Rather than paying $10,000.00 over the price, the Realtor should know better and lead you in a way that you get the most for your money. Now every Realtor is not honest so see if there is someone that you trust. If they have used a Realtor and they recommend them, go with it. The realtor should be able to guide you through every step. If you can't find one, I know a good one in the area.
landstonegsl@yahoo.comRent VS Buy --How do those Mortgage companies work?
All I can advise is that you shop around. Some companies you speak with will have very few loan products to choose from. Some loan officers you speak with may only know a few loan products. Some will know dozens.
You could see dramatically different loan offers, which is why it's so important to shop a bit.
http://state.tn.us/thda/
Click this link for the TN housing finance agency. They'll be able to direct you to some good lenders, and also to see if you are eligible for any type of grants or subsidies for being a first-time buyer. Call them.
I have a feeling your income might be a little high for them, but I don't know the Memphis area. Perhaps the neighborhood you are looking at will qualify you for grants regardless of your income. Those programs work both ways sometimes.
But either way, they're a great resource. They have first-time buyer counseling classes you can attend (highly recommended!), lenders they can refer you to that are very unlikely to try to screw you, and may just have some free money for you.
Good luck.
How and Where do I find Mortgage and Insurance Leads with a reputable company?
There are surely a lot of leads company out there.
I, too, am a broker and have been in constant search for a good company who will back me up and provide me with good leads. I can recommend you to this guy... his name is Jaffer and he is very accommodating and will surely help you all throughout your goals.
We constantly communicate through email so you can email him at liveleads4u@gmail.com or call at 313-778-1493.
I believe he has his website up at www.livemortgageleads4u.com
Hope you get leads and close those deals!How and Where do I find Mortgage and Insurance Leads with a reputable company?
At the end of this message is another company and top notch rep you can contact. As the other answer mentions, there are a lot of lead companies, and the key is finding one with integrity, which is an assessment only you can make after speaking to the company.
If the company meets the integrity test, you will ultimately need to do a small test order to test quality, so try to find a company that has low or no minimum orders. And for certain types of leads (e.g. live transfers), make sure you can get a credit for any leads that don't meet your criteria or filters.
The person you can call is Arnie at 516-644-9111 at Lead Heroes.
Good luck!
I, too, am a broker and have been in constant search for a good company who will back me up and provide me with good leads. I can recommend you to this guy... his name is Jaffer and he is very accommodating and will surely help you all throughout your goals.
We constantly communicate through email so you can email him at liveleads4u@gmail.com or call at 313-778-1493.
I believe he has his website up at www.livemortgageleads4u.com
Hope you get leads and close those deals!How and Where do I find Mortgage and Insurance Leads with a reputable company?
At the end of this message is another company and top notch rep you can contact. As the other answer mentions, there are a lot of lead companies, and the key is finding one with integrity, which is an assessment only you can make after speaking to the company.
If the company meets the integrity test, you will ultimately need to do a small test order to test quality, so try to find a company that has low or no minimum orders. And for certain types of leads (e.g. live transfers), make sure you can get a credit for any leads that don't meet your criteria or filters.
The person you can call is Arnie at 516-644-9111 at Lead Heroes.
Good luck!
We have a FHA Mortgage with 0 down. We have paid on our mortgage for 2 years. Can we refinance the FHA to low?
We'd like to refinance the FHA mortgage to a lower interest rate. Can we do this since we don't have 20% of the 30 year mortgage paid down yet? Any tips we should know about?We have a FHA Mortgage with 0 down. We have paid on our mortgage for 2 years. Can we refinance the FHA to low?
Most banks now require 20% equity. Good luck finding one. It may be hard though.the bees pop beauty
Most banks now require 20% equity. Good luck finding one. It may be hard though.
Can I just buy a condo to rent it out? Would it cover Mortgage?
There is a condo for sale for $169,000. I have 40K in equity saved. I currently have an under the table job. So, my job can not pay for it.
I was wondering if I could just pay 40K up front. Get a Bank Loan. And then Rent the Apartment to someone for say 1100 a month. Would that pay for the mortgage? Is this possible?
Any and all information would be helpful. How much in mortgage am I looking at?Can I just buy a condo to rent it out? Would it cover Mortgage?
It is possible to have ';cash flow'; when investing in a property. Make sure you consult with a Loan Officer first and then a Licensed Realtor. They will give you all the numbers and let you know if it would work for you. Here is a site where you can find loan officers in your area as well as Realtors.
http://www.activerain.comCan I just buy a condo to rent it out? Would it cover Mortgage?
you have to find out how much association fees are with that condo. Those things can sometimes break you. I wouldnt buy a condo just now. With 40k you can get much better investments without the headache. There is a stock right now called HTE. (its a candian oil %26amp; gas trust) with 40k you could buy that stock, get a monthly income of 545 dollars per month, and you sure couldnt get that kind of income with that condo, not to mention you gotta fix toilets if you buy a condo. Anyway, there are about a dozen other ';canroys'; (what they are nicknamed) out there that you could research, all of which pay high monthly dividends secured by all that oil up in canada, but i just think HTE is the best (i own it myself)
I was wondering if I could just pay 40K up front. Get a Bank Loan. And then Rent the Apartment to someone for say 1100 a month. Would that pay for the mortgage? Is this possible?
Any and all information would be helpful. How much in mortgage am I looking at?Can I just buy a condo to rent it out? Would it cover Mortgage?
It is possible to have ';cash flow'; when investing in a property. Make sure you consult with a Loan Officer first and then a Licensed Realtor. They will give you all the numbers and let you know if it would work for you. Here is a site where you can find loan officers in your area as well as Realtors.
http://www.activerain.comCan I just buy a condo to rent it out? Would it cover Mortgage?
you have to find out how much association fees are with that condo. Those things can sometimes break you. I wouldnt buy a condo just now. With 40k you can get much better investments without the headache. There is a stock right now called HTE. (its a candian oil %26amp; gas trust) with 40k you could buy that stock, get a monthly income of 545 dollars per month, and you sure couldnt get that kind of income with that condo, not to mention you gotta fix toilets if you buy a condo. Anyway, there are about a dozen other ';canroys'; (what they are nicknamed) out there that you could research, all of which pay high monthly dividends secured by all that oil up in canada, but i just think HTE is the best (i own it myself)
There is home worth 125K,for a first time buyer how much the mortgage of this home will be?
The home is 2Bed/2Bath, about 2500sf, build 1980's. Recent updates on roof and bathrooms. 2 car garage.It is sell by owner for 150k but negotiable. I want to propose 125k for the home for low fixed interst rate, but I don't konw how much the mortgage payment will be for 15 years,20 years or 30 years term?There is home worth 125K,for a first time buyer how much the mortgage of this home will be?
Most real estate sells for 92-97% of asking price, depending upon the region of the country. Therefore, if the property is correctly priced, expect the owner to only accept an offer between $138K and $145K, without owner financing.
Mortgage companies determine your maximum available loan amount by the following equation:
Total Gross annual income X .28 = A
A x .80 =B
B Becomes the total annual payment for mortgage, taxes and insurance they will grant. Take this number, subtract the annual tax and insurance cost, then divide by 12. that will give you the monthly payment of the maximum mortgage. Then check an on-line amortization schedule and put in that number and the prevailing rate in your area and you will have the total $ amount.
For example you make $50k A year.
$50,000 x .8 = $40,000
$40,000 x .28 = $11,200
Annual taxes = $1200 and annual insurance = $500 total is $1700
11,200 - 1700 = $9500 annual, $792 monthly
$792 a month = 125,000 mortgage at 6.5% for 30 years.There is home worth 125K,for a first time buyer how much the mortgage of this home will be?
Go to realtor.com and use their calculator to get an estimate. Remember your individual credit, income and demographic in general can change that amount.
read tips on real estate and mortgages on this site
Loan Amount-125000
Interest Rate - 6.25%
Loan term - 30yrs
Loan Payments - 769.65
Factor in your taxes (anywhere from 1000-1700 + divided by 12) and Insurance ( 300- 800 divided by 12) and you have your monthly payment.
There are a bunch of mortgage calculators out there- here's one below.
It depends on your credit, but the mortgage would be about 800 for a 30 yr fixed. BUT, there is a lot more in the monthly payment...insurance, taxes, etc. that could easily tack on an extra 500
It really depends on your credit and the lending institution you are going to use how much you but down, what the taxes are going to be annually. I would use a mortage caluator or call you banking institution and ask them they will be more than happy to help you.
The monthly payment depends upon your credit score. If you pay your bills on time and you have very little debt you should be a good credit risk. If the owner agrees to 125K then you can check your payment at http://www.bankrate.com/ and go to mortgage calculators.
Do a web search for ';mortgage calculator.';
Once you calculate that out, don't forget to factor in insurance.
I would also place in the contract that you can negate the offer if your home inspector finds problems with the home. A home inspector may cost you a couple hundred, but it can save you thousands if he spots a structural defect you don't know about.
Most real estate sells for 92-97% of asking price, depending upon the region of the country. Therefore, if the property is correctly priced, expect the owner to only accept an offer between $138K and $145K, without owner financing.
Mortgage companies determine your maximum available loan amount by the following equation:
Total Gross annual income X .28 = A
A x .80 =B
B Becomes the total annual payment for mortgage, taxes and insurance they will grant. Take this number, subtract the annual tax and insurance cost, then divide by 12. that will give you the monthly payment of the maximum mortgage. Then check an on-line amortization schedule and put in that number and the prevailing rate in your area and you will have the total $ amount.
For example you make $50k A year.
$50,000 x .8 = $40,000
$40,000 x .28 = $11,200
Annual taxes = $1200 and annual insurance = $500 total is $1700
11,200 - 1700 = $9500 annual, $792 monthly
$792 a month = 125,000 mortgage at 6.5% for 30 years.There is home worth 125K,for a first time buyer how much the mortgage of this home will be?
Go to realtor.com and use their calculator to get an estimate. Remember your individual credit, income and demographic in general can change that amount.
read tips on real estate and mortgages on this site
Loan Amount-125000
Interest Rate - 6.25%
Loan term - 30yrs
Loan Payments - 769.65
Factor in your taxes (anywhere from 1000-1700 + divided by 12) and Insurance ( 300- 800 divided by 12) and you have your monthly payment.
There are a bunch of mortgage calculators out there- here's one below.
It depends on your credit, but the mortgage would be about 800 for a 30 yr fixed. BUT, there is a lot more in the monthly payment...insurance, taxes, etc. that could easily tack on an extra 500
It really depends on your credit and the lending institution you are going to use how much you but down, what the taxes are going to be annually. I would use a mortage caluator or call you banking institution and ask them they will be more than happy to help you.
The monthly payment depends upon your credit score. If you pay your bills on time and you have very little debt you should be a good credit risk. If the owner agrees to 125K then you can check your payment at http://www.bankrate.com/ and go to mortgage calculators.
Do a web search for ';mortgage calculator.';
Once you calculate that out, don't forget to factor in insurance.
I would also place in the contract that you can negate the offer if your home inspector finds problems with the home. A home inspector may cost you a couple hundred, but it can save you thousands if he spots a structural defect you don't know about.
How can I moniter the home mortgage interest rates? I do not want a rate quote.?
My website has current rates updated daily. Scroll to the bottom of the page.
http://www.lenderhomepage.com/content/te鈥?/a>How can I moniter the home mortgage interest rates? I do not want a rate quote.?
http://www.bankrate.com
This site monitors home mortgage interest rates. There is nothing being sold on the site. It's not some mortgage broker's site. It is just what you're looking for.How can I moniter the home mortgage interest rates? I do not want a rate quote.?
well its all just ';the cost of money';... it is derived from the Federal Funds Rate which is the discounted rate that banks borrow from each other... your rate will be higher, but this will give you some idea... for example, since interest rates should be cut any day now.... mortgage rates will decline because the US Dollar is worth less.
Do not believe bankrate.com the rates there are lower then what you will get out in the marketplace.
The lenders there are just trying to get a call from someone and you more then likely will not get that rate, or they will have hidden fees. The lenders/brokers pay to be on the site therefore there is no free ride.
Check this out it is from Freddie Mac
http://www.freddiemac.com/dlink/html/PMM鈥?/a>
This comes out weekely and gives you an idea of where rates are, rates are currently better then what is listed here but this is a weekely survey that just came out it does not take into account where rates are today but where they over the week.
I work as a rep for one of the largest mortgage banks in the country. Our rates change sometimes 2-3x per day. Also programs / guidelines change often (especially lately with the credit crisis on wall street). Different factors are taken into consideration when giving you ';quote'; that you'd obtain from a lender or broker shopping on your behalf. To get a general idea you can check out websites like bankrate.com or look in the business section of your newspaper or wall street journal. They publish ';average'; 30 year rates for various lenders.
However, you might not fit the ';profile'; or have other concerns (lack of income/asset documentation, job gaps , etc). Even if you ';found'; a great rate by the time you got your application together and ';locked'; the rate it would most likely move up or down. Also, different lenders charge different fees affecting the APR. They list rates for your typical single family residence but not for a condo (hi/low rise) or other property types. Also, different LTVs (loan to value, based on appraisal) carry different rates. Rates vary from state to state as well.
Find out what your home is worth by contacting an appraiser or using sites like zillow.com for an APPROXIMATE value. Then call up a couple local brokers (tell them you are shopping) and ask for a quote. They'll provide a GFE (good faith estimate) from which you can compare offers.
http://www.lenderhomepage.com/content/te鈥?/a>How can I moniter the home mortgage interest rates? I do not want a rate quote.?
http://www.bankrate.com
This site monitors home mortgage interest rates. There is nothing being sold on the site. It's not some mortgage broker's site. It is just what you're looking for.How can I moniter the home mortgage interest rates? I do not want a rate quote.?
well its all just ';the cost of money';... it is derived from the Federal Funds Rate which is the discounted rate that banks borrow from each other... your rate will be higher, but this will give you some idea... for example, since interest rates should be cut any day now.... mortgage rates will decline because the US Dollar is worth less.
Do not believe bankrate.com the rates there are lower then what you will get out in the marketplace.
The lenders there are just trying to get a call from someone and you more then likely will not get that rate, or they will have hidden fees. The lenders/brokers pay to be on the site therefore there is no free ride.
Check this out it is from Freddie Mac
http://www.freddiemac.com/dlink/html/PMM鈥?/a>
This comes out weekely and gives you an idea of where rates are, rates are currently better then what is listed here but this is a weekely survey that just came out it does not take into account where rates are today but where they over the week.
I work as a rep for one of the largest mortgage banks in the country. Our rates change sometimes 2-3x per day. Also programs / guidelines change often (especially lately with the credit crisis on wall street). Different factors are taken into consideration when giving you ';quote'; that you'd obtain from a lender or broker shopping on your behalf. To get a general idea you can check out websites like bankrate.com or look in the business section of your newspaper or wall street journal. They publish ';average'; 30 year rates for various lenders.
However, you might not fit the ';profile'; or have other concerns (lack of income/asset documentation, job gaps , etc). Even if you ';found'; a great rate by the time you got your application together and ';locked'; the rate it would most likely move up or down. Also, different lenders charge different fees affecting the APR. They list rates for your typical single family residence but not for a condo (hi/low rise) or other property types. Also, different LTVs (loan to value, based on appraisal) carry different rates. Rates vary from state to state as well.
Find out what your home is worth by contacting an appraiser or using sites like zillow.com for an APPROXIMATE value. Then call up a couple local brokers (tell them you are shopping) and ask for a quote. They'll provide a GFE (good faith estimate) from which you can compare offers.
Vendor takeback mortgages?
I'm selling a property and I'm willing to do a vendor takeback.
The questions I have are:
1. What kind of interest rate do vendor takebacks normally charge? I'm guessing about 2% or so above the market rate?
2. Who do I need to involve? Is it just the same real estate lawyer / notary that would be doing the sale transaction?
3. Is it safe to do this, what do I have to watch out for?
Thanks!!Vendor takeback mortgages?
To do a seller take back is risky since the buyer who needs one won't have enough money coming in to get financed for the full amount of the necessary loan. I believe you are right in line with what interest rate to charge and the easiest way to reduce risk is to keep the take back mortgage amount small and/or to keep the term short. The buyers mortgage broker and closing attorney can be your greatest aid in writing the mortgage. Make sure the buyer incurs all of the closing costs for the take back mortgage and the closing attorney records the mortgage. I have had two buyer clients that bought houses with take back mortgages and both refinanced within 2 years paying off the take back's well before the mortgage term ended (which were 5-7 years originally).Vendor takeback mortgages?
You might also want to be creative. Get an appraisal on the home and push them for maximum value. If it is above what you are selling the home for, increase your sales price so that the buyer is maximizing his loan amount.
Example:
Original sales price: $80,000
Max loan amount @ 80% = $64,000
Value: $95,000
80% of this is $76,000- almost your original sales price
You would then write a new purchase contract for $95,000 and record the lien you hold still, but be willing to release it once the $4000 is paid.
Obviously this depends greatly on the value of your home vs. the agreed upon sales price.
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Is it safe to do this, what do I have to watch out for?
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The more down payment you get, the safer your mortgage will be. In fact if you get a large down payment, hope the buyers default so you can foreclose and sell the property again.
The questions I have are:
1. What kind of interest rate do vendor takebacks normally charge? I'm guessing about 2% or so above the market rate?
2. Who do I need to involve? Is it just the same real estate lawyer / notary that would be doing the sale transaction?
3. Is it safe to do this, what do I have to watch out for?
Thanks!!Vendor takeback mortgages?
To do a seller take back is risky since the buyer who needs one won't have enough money coming in to get financed for the full amount of the necessary loan. I believe you are right in line with what interest rate to charge and the easiest way to reduce risk is to keep the take back mortgage amount small and/or to keep the term short. The buyers mortgage broker and closing attorney can be your greatest aid in writing the mortgage. Make sure the buyer incurs all of the closing costs for the take back mortgage and the closing attorney records the mortgage. I have had two buyer clients that bought houses with take back mortgages and both refinanced within 2 years paying off the take back's well before the mortgage term ended (which were 5-7 years originally).Vendor takeback mortgages?
You might also want to be creative. Get an appraisal on the home and push them for maximum value. If it is above what you are selling the home for, increase your sales price so that the buyer is maximizing his loan amount.
Example:
Original sales price: $80,000
Max loan amount @ 80% = $64,000
Value: $95,000
80% of this is $76,000- almost your original sales price
You would then write a new purchase contract for $95,000 and record the lien you hold still, but be willing to release it once the $4000 is paid.
Obviously this depends greatly on the value of your home vs. the agreed upon sales price.
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Is it safe to do this, what do I have to watch out for?
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The more down payment you get, the safer your mortgage will be. In fact if you get a large down payment, hope the buyers default so you can foreclose and sell the property again.
Why can't you pay your mortgage but, you can pay your internet bill?
I was so thinking this earlier when I was watching CNN and they had videos people took off there web cams and emailed in about how they can't pay there mortgage. People need to figure out what is important and what they can cut out before they reach there hands out for anything. To much greed in this world.Why can't you pay your mortgage but, you can pay your internet bill?
A mortgage costs a lot more than an internet bill.
The internet is such an important aspect of our technological age now that it's almost required by a lot of people (entertainment, for work, resources...) so giving it up so you can pay your mortgage slightly more is not worth it at all.Why can't you pay your mortgage but, you can pay your internet bill?
priorities, some people don't have theirs organized...also its that attitude of ';I'll think about it tomorrow..'; and tomorrow comes and they still haven't saved a cent...these are the type of people that usually end up homeless, poor, or living on a limited budget and then they regret their foolishness. Its like that Aesop's fable about the grasshopper and the ant.
Cutting out the $20 bucks for the internet isn't going to change the fact that they can't pay the mortgage when they no longer have a job, have medical bills or when they didn't anticipate that they can't sell the house for a profit before the ARM loan resets.
Because people have figured out that if they vote for the right candidate, then Socialism (*eh-hem* hard-working, educated taxpayers) will pay for their luxuries and 'necessities.'
internet bill?
Via the phone company? Should be on the same bill
I don't have a mortgage, but I do have an internet bill.
I'm just gonna pretend you didn't ask this.
Dude, what are you talking about?
Because the Lord thems Savior OBama will pays it for dem
Who are you talking to?
A mortgage costs a lot more than an internet bill.
The internet is such an important aspect of our technological age now that it's almost required by a lot of people (entertainment, for work, resources...) so giving it up so you can pay your mortgage slightly more is not worth it at all.Why can't you pay your mortgage but, you can pay your internet bill?
priorities, some people don't have theirs organized...also its that attitude of ';I'll think about it tomorrow..'; and tomorrow comes and they still haven't saved a cent...these are the type of people that usually end up homeless, poor, or living on a limited budget and then they regret their foolishness. Its like that Aesop's fable about the grasshopper and the ant.
Cutting out the $20 bucks for the internet isn't going to change the fact that they can't pay the mortgage when they no longer have a job, have medical bills or when they didn't anticipate that they can't sell the house for a profit before the ARM loan resets.
Because people have figured out that if they vote for the right candidate, then Socialism (*eh-hem* hard-working, educated taxpayers) will pay for their luxuries and 'necessities.'
internet bill?
Via the phone company? Should be on the same bill
I don't have a mortgage, but I do have an internet bill.
I'm just gonna pretend you didn't ask this.
Dude, what are you talking about?
Because the Lord thems Savior OBama will pays it for dem
Who are you talking to?
How much can you lower your mortgage rate when you pay one point?
points are nothing more than prepaid interest.
re do ur math , points often aren't all that.the bees pop beauty
re do ur math , points often aren't all that.
Is there a way to report mortgage payments to credit bureaus if they are not being reported?
Yes, with limitations.
Many mortgage loan servicing companies (the ones that collect the payments from you and give them to the investors who own the loan) are bankrupt. Many have lost the ability to report to the credit bureaus due to the lack of appropriate accounting procedures within the servicer.
To make sure your credit is reported, you can go to creditloader dot com, and have them do what is called a ';loan wrap';. They make a loan to you that consists only of the loan you already have. You make your payments to them, and they pass them to the mortgage company, and report to the bureaus. They will charge you a fee up front and a little money every month, and they will require that you pay one month in advance so that when you make payments, they have time to clear. But it will get it reported for sure.Is there a way to report mortgage payments to credit bureaus if they are not being reported?
The mortgage is on your credit report. They do not report every time you make a payment. If you are paying it doesn't say your not and that's all they do. That is as good as if they are reporting that you are paying. You can not report on that credit report, ONLY that mortgage company can report on that mortgage. If you do something like pay off the entire mortgage, then they would change the debt balance such as having a revised mortgage that reflects a reduced debt obligation.
Many mortgage loan servicing companies (the ones that collect the payments from you and give them to the investors who own the loan) are bankrupt. Many have lost the ability to report to the credit bureaus due to the lack of appropriate accounting procedures within the servicer.
To make sure your credit is reported, you can go to creditloader dot com, and have them do what is called a ';loan wrap';. They make a loan to you that consists only of the loan you already have. You make your payments to them, and they pass them to the mortgage company, and report to the bureaus. They will charge you a fee up front and a little money every month, and they will require that you pay one month in advance so that when you make payments, they have time to clear. But it will get it reported for sure.Is there a way to report mortgage payments to credit bureaus if they are not being reported?
The mortgage is on your credit report. They do not report every time you make a payment. If you are paying it doesn't say your not and that's all they do. That is as good as if they are reporting that you are paying. You can not report on that credit report, ONLY that mortgage company can report on that mortgage. If you do something like pay off the entire mortgage, then they would change the debt balance such as having a revised mortgage that reflects a reduced debt obligation.
How best do I tackle the mortgage game and how do I know if the lender is giving me a good rate?
Everything you need to know is here: http://www.homebuyingguide.org/
Also check http://www.bankrate.com/brm/rate/mtg_hom鈥?/a>
This will help you to compare rates between companies.
Pick a company that looks good on both rate and fees, and make application. Ask them for your credit score, so you can then call other lenders to see what their rates are for your score.
First time homebuyers may also qualify for assistance or a lower interest rate. Look for your state's Housing Finance Agency or Housing Development Authority to see if you can qualify.How best do I tackle the mortgage game and how do I know if the lender is giving me a good rate?
These days it is almost necessary to get a mortgage broker. They will make a cut, but they can also get you a better rate then simply walking into a bank on your own. Make sure that you get at least one other opinion from a bank or another broker, just to make sure that the one you are using is out of line with rates he's quoting you. Also, compare closing costs and other fees between lenders, these can very by thousands of dollars with different lenders, brokers. Many of them charge you ';junk fees';, which are pure profitHow best do I tackle the mortgage game and how do I know if the lender is giving me a good rate?
Research the different banks, etc. that offer mortgages and check the variable and fixed rates often. You have to figure out which rates work best for you. In general, if you are planning on buying a house short-term you should think variable but if you find that dream home of yours, fixed might be a better solution.
If this is anything like the real estate market in Calgary, Alberta, Canada - you want to get in the mortgage game ASAP - on average, houses are going up over $500/day!!!!
There are alot of factor's to consider - the links the precious person gave you are good ones. What a Company looks at is Credit Scores, If you had a curent mortage, they look at payment history - They look at what Loan amoutn you are needing, if appraised at 100,000 and you need 100,000 that is 100 %, if you need 95,000 on down - Lets look a a few options.
# 1 - If you needed 100 percent - and your creidit is good in the 680 + range, you would go conforming - rates are better - but you would have what is called MI insurance on the loan. MI inusurnace, on any LTV over 80 percent. But it drops off once your princliple balance is paid down to 80 percent, in this case 80,000 based on a 100,000 loan amount.
# FHA - will go 97 percent on a purchase, with yoiu bringing in 3 percent. There are programs out there, that will do down payment assistance for up to 100 percent, than you would need to ask the seller, if they can help with closing costs. If one of my clients needed help with closing cost, I tell they not to quabble over the price of the home, since the seller is coming in wiht 4-6 percent of the loan for closing cost. Plus the seller has to pay the realitor their commission and that can be anywhere from 2-6 pts....Depends on the state you live in, and if it is regulated or not.
Sub-Prime - you can get a 1 loan at 100 percent or get 2 loans 80/20 loan - with the combined rates being lower - but rates are still good, and I have qualified may borrowers on the 1 loan program.
Like I mentioned it is all score driven. Companys look at both scores, and take the middle score to qualify you. If your middle score is 500 - sorry - but you would not be qualified for a 100 % loan. If you had a 525 could get you 85-90 LTV - if you had a 560 - 580 and higher it is workable.....But the rates on a 560 are higher, the perfect senerio is 580 + - with good trades, and not alot of collections. On a conforming deal A side, collections would have to be paid - depends on company and underwriter. I know it is confusing - but a good, loan officer, manager, broker who cares, will sit down with you and explain it all to you. Now to get back to the rate - Being in the business 6 years, I do not like to give my clients a higher interest rate- to make my money. What I mean is, if you have a rate say 9.05 at par - than some Lo's will add .40 or .50 pps to the rate to make 1 point on the back - I charge my fees up front in all of my deals, and since I process all of my deals have a netbranch out of my home, I am able to do this. Thus you get a good rate (with over 150 companys to choose from, since I am a broker) So the question I would ask a company #1 what are your fees, What do you charge upfront (percent ), Is my rate at par, with no added YSP (yield spread added).
Good luck,
In my opinion, you should team yourself up with someone you can trust, who is a mortgage planner. Just as a baseball team has a head coach, pitching coach, batting coach, physical trainer, etc... You should surround yourself with individuals that are committed to your personal success and well being.
Going directly to a specific lender, who will want to pull your credit report, only gives you that lenders rates. Then when you shop it to a new lender to compare pricing, they'll want to pull your credit too...then again if you want a third, fourth, or fifth opinion.
Working with a mortgage planner will allow that person to pull your credit once and shop your needs and situation around to a variety of lenders and report back to you with whats out there that may be a good fit, giving you several options to work with.
They also have extensive knowledge and experience in presenting your situation to a lender in the best light possible, especially if you are in a peculiar situation.
You should also read up on the different types of programs that are out there and get a genreal understanding of why each is useful in it's own rights; and how to utilize them to your best advantage.
Newspapers and some web sites give daily mortgage rates. Just have to compare and see. Also most banks post their mortgage rates (average) on web sites or at the branch.
Maybe I can help you....I'm a loan officer and I work for World Savings Bank, we are Fortune 500 portfolio lender!!! I would be happy to help you but I would need more details about your situation!
If you are interested feel free to email or call me directly
Have a Great Day!
Jeremy Musok
Direct : (240) 644-8059
JMMusok425@worldsavings.com
Also check http://www.bankrate.com/brm/rate/mtg_hom鈥?/a>
This will help you to compare rates between companies.
Pick a company that looks good on both rate and fees, and make application. Ask them for your credit score, so you can then call other lenders to see what their rates are for your score.
First time homebuyers may also qualify for assistance or a lower interest rate. Look for your state's Housing Finance Agency or Housing Development Authority to see if you can qualify.How best do I tackle the mortgage game and how do I know if the lender is giving me a good rate?
These days it is almost necessary to get a mortgage broker. They will make a cut, but they can also get you a better rate then simply walking into a bank on your own. Make sure that you get at least one other opinion from a bank or another broker, just to make sure that the one you are using is out of line with rates he's quoting you. Also, compare closing costs and other fees between lenders, these can very by thousands of dollars with different lenders, brokers. Many of them charge you ';junk fees';, which are pure profitHow best do I tackle the mortgage game and how do I know if the lender is giving me a good rate?
Research the different banks, etc. that offer mortgages and check the variable and fixed rates often. You have to figure out which rates work best for you. In general, if you are planning on buying a house short-term you should think variable but if you find that dream home of yours, fixed might be a better solution.
If this is anything like the real estate market in Calgary, Alberta, Canada - you want to get in the mortgage game ASAP - on average, houses are going up over $500/day!!!!
There are alot of factor's to consider - the links the precious person gave you are good ones. What a Company looks at is Credit Scores, If you had a curent mortage, they look at payment history - They look at what Loan amoutn you are needing, if appraised at 100,000 and you need 100,000 that is 100 %, if you need 95,000 on down - Lets look a a few options.
# 1 - If you needed 100 percent - and your creidit is good in the 680 + range, you would go conforming - rates are better - but you would have what is called MI insurance on the loan. MI inusurnace, on any LTV over 80 percent. But it drops off once your princliple balance is paid down to 80 percent, in this case 80,000 based on a 100,000 loan amount.
# FHA - will go 97 percent on a purchase, with yoiu bringing in 3 percent. There are programs out there, that will do down payment assistance for up to 100 percent, than you would need to ask the seller, if they can help with closing costs. If one of my clients needed help with closing cost, I tell they not to quabble over the price of the home, since the seller is coming in wiht 4-6 percent of the loan for closing cost. Plus the seller has to pay the realitor their commission and that can be anywhere from 2-6 pts....Depends on the state you live in, and if it is regulated or not.
Sub-Prime - you can get a 1 loan at 100 percent or get 2 loans 80/20 loan - with the combined rates being lower - but rates are still good, and I have qualified may borrowers on the 1 loan program.
Like I mentioned it is all score driven. Companys look at both scores, and take the middle score to qualify you. If your middle score is 500 - sorry - but you would not be qualified for a 100 % loan. If you had a 525 could get you 85-90 LTV - if you had a 560 - 580 and higher it is workable.....But the rates on a 560 are higher, the perfect senerio is 580 + - with good trades, and not alot of collections. On a conforming deal A side, collections would have to be paid - depends on company and underwriter. I know it is confusing - but a good, loan officer, manager, broker who cares, will sit down with you and explain it all to you. Now to get back to the rate - Being in the business 6 years, I do not like to give my clients a higher interest rate- to make my money. What I mean is, if you have a rate say 9.05 at par - than some Lo's will add .40 or .50 pps to the rate to make 1 point on the back - I charge my fees up front in all of my deals, and since I process all of my deals have a netbranch out of my home, I am able to do this. Thus you get a good rate (with over 150 companys to choose from, since I am a broker) So the question I would ask a company #1 what are your fees, What do you charge upfront (percent ), Is my rate at par, with no added YSP (yield spread added).
Good luck,
In my opinion, you should team yourself up with someone you can trust, who is a mortgage planner. Just as a baseball team has a head coach, pitching coach, batting coach, physical trainer, etc... You should surround yourself with individuals that are committed to your personal success and well being.
Going directly to a specific lender, who will want to pull your credit report, only gives you that lenders rates. Then when you shop it to a new lender to compare pricing, they'll want to pull your credit too...then again if you want a third, fourth, or fifth opinion.
Working with a mortgage planner will allow that person to pull your credit once and shop your needs and situation around to a variety of lenders and report back to you with whats out there that may be a good fit, giving you several options to work with.
They also have extensive knowledge and experience in presenting your situation to a lender in the best light possible, especially if you are in a peculiar situation.
You should also read up on the different types of programs that are out there and get a genreal understanding of why each is useful in it's own rights; and how to utilize them to your best advantage.
Newspapers and some web sites give daily mortgage rates. Just have to compare and see. Also most banks post their mortgage rates (average) on web sites or at the branch.
Maybe I can help you....I'm a loan officer and I work for World Savings Bank, we are Fortune 500 portfolio lender!!! I would be happy to help you but I would need more details about your situation!
If you are interested feel free to email or call me directly
Have a Great Day!
Jeremy Musok
Direct : (240) 644-8059
JMMusok425@worldsavings.com
If someone dies and they were the only one on a 2nd home mortgage, will going in default ruin spouses credit?
My friend's Mom past away and she was the owner (alone) of my friend's home. Now she can't afford the mortgage and is moving. Will the father be responsible %26amp; will it effect his credit if the loan goes into default, even if he did not sign for the home? He can't afford it either, the family has huge medical bills.If someone dies and they were the only one on a 2nd home mortgage, will going in default ruin spouses credit?
It is a federal law not state. Any debt incurred to either parties while married become the dual responsibility of both partys, weither a signed agreemnt is vild or not. THe dad is responsible for the morgage if it goes into default. So long as your friends parents are married. There is nothing he can do about this short of filling for bankruptcy. He must continue the payments, if it goes into default its his tail. Simillar things happen if on parent filles for bankruptcy and the other doesn't. Then all the bills accrued in the one parents name now automatically get switched to the spouse. Its not fair but it is the way it is.If someone dies and they were the only one on a 2nd home mortgage, will going in default ruin spouses credit?
It depends on how she took title on the property.
I don't know how only 1 person got the mortgage without being in both names unless they are not married. I think only person that loan is in is responsible.
as long as the fathers name is not on the house he will be ok
That will depend on the state. In some states, the spouse is responsible for the bills regardless. In some, who is on the note takes precedence. Time to consult an attorney, which will only cost about $100.
Might not hurt thier credit but they will lose the house.
It is a federal law not state. Any debt incurred to either parties while married become the dual responsibility of both partys, weither a signed agreemnt is vild or not. THe dad is responsible for the morgage if it goes into default. So long as your friends parents are married. There is nothing he can do about this short of filling for bankruptcy. He must continue the payments, if it goes into default its his tail. Simillar things happen if on parent filles for bankruptcy and the other doesn't. Then all the bills accrued in the one parents name now automatically get switched to the spouse. Its not fair but it is the way it is.If someone dies and they were the only one on a 2nd home mortgage, will going in default ruin spouses credit?
It depends on how she took title on the property.
I don't know how only 1 person got the mortgage without being in both names unless they are not married. I think only person that loan is in is responsible.
as long as the fathers name is not on the house he will be ok
That will depend on the state. In some states, the spouse is responsible for the bills regardless. In some, who is on the note takes precedence. Time to consult an attorney, which will only cost about $100.
Might not hurt thier credit but they will lose the house.
Help from people working in the mortgage sector in the UK?
I have never had a credit card and so do not have a credit rating, would it be advisable to get a credit card for a while before applying for a mortgage so I can gain a good credit rating. Would this benefit me in the amount I can borrow?Help from people working in the mortgage sector in the UK?
It could be beneficial has long as your sensible. Use your card to pay for petrol, food, and such clear it at the end of every month.
Make sure when you apply for your mortgage that there is no balance outstanding on it.
Set up direct debits from your bank account for house old bills stay out of your overdraft conduct your account well.
Try to save a little every month to show that you can it will also go towards your deposit for your mortgage.
If you have no deposit then start saving now you will get a far better mortgage deal with a deposit than without one at all.
The amount you can borrow will be dependant on what you earn and what you currently are paying out. So dont gp taking out any loans or running up large outstanding balances on that credit card :-)
I wish you the very best of luck xHelp from people working in the mortgage sector in the UK?
dont worry, try www.haven-finance.co.uk
as long as you own your own home at the moment, you should be fine.
it is very unlikely that you will get a mortgage without some sort of credit score. it would be advisable to apply for a credit card - buy something with it - just has to be little - pay it off when the bill comes in and your credit rating will increase. Keep it going for a couple of months and this will help further.
try not to go too crazy with the credit card though!!!
It could be beneficial has long as your sensible. Use your card to pay for petrol, food, and such clear it at the end of every month.
Make sure when you apply for your mortgage that there is no balance outstanding on it.
Set up direct debits from your bank account for house old bills stay out of your overdraft conduct your account well.
Try to save a little every month to show that you can it will also go towards your deposit for your mortgage.
If you have no deposit then start saving now you will get a far better mortgage deal with a deposit than without one at all.
The amount you can borrow will be dependant on what you earn and what you currently are paying out. So dont gp taking out any loans or running up large outstanding balances on that credit card :-)
I wish you the very best of luck xHelp from people working in the mortgage sector in the UK?
dont worry, try www.haven-finance.co.uk
as long as you own your own home at the moment, you should be fine.
it is very unlikely that you will get a mortgage without some sort of credit score. it would be advisable to apply for a credit card - buy something with it - just has to be little - pay it off when the bill comes in and your credit rating will increase. Keep it going for a couple of months and this will help further.
try not to go too crazy with the credit card though!!!
Who owns a house if the mortgage lender goes bust?
If I have a mortgage on my house and my lender becomes insolvent, what happens?
Do I still owe anybody money?
Who owns the title to the house (in my case mortgage is 20% of purchase price)?
JonWho owns a house if the mortgage lender goes bust?
Of course you still owe someone money. The lender went bust because the lender owes someone else more money than they have. Accordingly, that someone gets your mortgage and you pay them.Who owns a house if the mortgage lender goes bust?
Yes, you still owe. Your loan is an asset on the lender's books. It will be taken over by another lender. You have title to the house - the lender has a lien on it until the mortgage is paid off.
The mortgage would be sold to another bank. You would owe the new bank.
The receiver who buys up your lenders' debt
Do I still owe anybody money?
Who owns the title to the house (in my case mortgage is 20% of purchase price)?
JonWho owns a house if the mortgage lender goes bust?
Of course you still owe someone money. The lender went bust because the lender owes someone else more money than they have. Accordingly, that someone gets your mortgage and you pay them.Who owns a house if the mortgage lender goes bust?
Yes, you still owe. Your loan is an asset on the lender's books. It will be taken over by another lender. You have title to the house - the lender has a lien on it until the mortgage is paid off.
The mortgage would be sold to another bank. You would owe the new bank.
The receiver who buys up your lenders' debt
Credit card debt and obtaining a mortgage?
When I pull up a mortgage calculator online for determining how much I can afford for a home I'm given the option to enter in monthly debt. I have credit card debt. How much do I enter in, the minimum?Credit card debt and obtaining a mortgage?
Hi Jennifer,
Enter your total minimum monthly payments for all of your debts, unless they are entered elsewhere in the calculator (like auto loan payments, etc).
It would help to have a link to the specific calculator you are using to say for sure. Hope this helps!
Oh, and perhaps even more important is knowing your ratios:
3 Simple Steps to Calculate Your ';Debt-To-Income Ratio'; and Credit Secrets Most People Will Never Know:
http://ezinearticles.com/?id=2314324Credit card debt and obtaining a mortgage?
There are two main forms of debt consolidation available to consumers. The first involves qualifying for and taking out a loan for the amount necessary to pay off all your credit card or other consumer debt balances in full. After applying for and being approved for a debt consolidation loan, the newly borrowed funds go directly to pay off all your debt. In many cases, your credit accounts that were in good standing are allowed to remain open, which can help your credit score considerably by showing that you have much available credit. The benefits are the simplification of multiple credit card bills into one, manageable monthly payment. The even greater benefit of debt consolidation loans is the reduction of the interest rate you will pay. For example, if you are currently paying 13% to 23% on several accounts, and a new debt consolidation loan gives you a 9% interest rate, you will save money and pay your debts off more quickly.
The second type of debt consolidation refers to using a credit counselor, or intermediary to negotiate with your creditors on your behalf. In this scenario, you debt is not necessarily consolidated (though it can be), but your total amounts are settled with the creditors. In this case, you may satisfy a debt in full by only paying a portion of it, but you may pay for it with your credit score if the account is closed.
As much as you can pay your card debt.
credit-report-score.10001mb.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.the bees pop beauty
Hi Jennifer,
Enter your total minimum monthly payments for all of your debts, unless they are entered elsewhere in the calculator (like auto loan payments, etc).
It would help to have a link to the specific calculator you are using to say for sure. Hope this helps!
Oh, and perhaps even more important is knowing your ratios:
3 Simple Steps to Calculate Your ';Debt-To-Income Ratio'; and Credit Secrets Most People Will Never Know:
http://ezinearticles.com/?id=2314324Credit card debt and obtaining a mortgage?
There are two main forms of debt consolidation available to consumers. The first involves qualifying for and taking out a loan for the amount necessary to pay off all your credit card or other consumer debt balances in full. After applying for and being approved for a debt consolidation loan, the newly borrowed funds go directly to pay off all your debt. In many cases, your credit accounts that were in good standing are allowed to remain open, which can help your credit score considerably by showing that you have much available credit. The benefits are the simplification of multiple credit card bills into one, manageable monthly payment. The even greater benefit of debt consolidation loans is the reduction of the interest rate you will pay. For example, if you are currently paying 13% to 23% on several accounts, and a new debt consolidation loan gives you a 9% interest rate, you will save money and pay your debts off more quickly.
The second type of debt consolidation refers to using a credit counselor, or intermediary to negotiate with your creditors on your behalf. In this scenario, you debt is not necessarily consolidated (though it can be), but your total amounts are settled with the creditors. In this case, you may satisfy a debt in full by only paying a portion of it, but you may pay for it with your credit score if the account is closed.
As much as you can pay your card debt.
credit-report-score.10001mb.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
I have a 548 credit score, am i still eligible for low income mortgage?
I am qualified as a low income person and i applied on the maine housing authorities and i was eligible for their prequalifications.I have a 548 credit score, am i still eligible for low income mortgage?
buildcredit.ifastnet.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.I have a 548 credit score, am i still eligible for low income mortgage?
Ah, well, one of the things that started the current economic crises was the Federal government's demand (the Community Reinvestment Act) that forced banks to give mortgages to low income minorities who could never repay the loans. The idea, growing out of the civil rights movement in the late 60s, was that poor blacks and other low or no-income minorities had a virtual right to home ownership, and if the banks refused to give them a mortgage based on sound business practices it was deemed to be racial discrimination. The banks are not about to repeat the practice anytime soon; banks are still failing at a record rate, over 120 so far this year (only 3 banks failed in 2007). The financial crisis in this country is bad and getting worse, regardless of the bogus spin given to it by the Administration. With things in such bad shape even those with perfect credit, a very high credit score (in the high 700s) and a good job are finding it hard to get a loan.
All this means is your chances are just about zero.
In my area, I read that you can qualify for a HUD home loan with a score as low as 580 which is lower than I would have thought.
Now is a great time to buy a HUD Home you can purchase one with only $100 Down payment
HUD pays 3% closing cost and your credit score can be 580 or Above in most cases and you can borrow additional funds to do any repairs if needed and have the additional funds added to your monthly payment.
Your credit score has nothing to do with that. In order tobe qualified for loaw income you must not make a certain $$ per year. Your credit score simply tells if you pay on time, how many items you have but in yor case 548 it looks like you have some collection, judgements, late payment and other stuff. You might find youself in trouble buying a house with that score. IT IS TOO LOW right now. It also shows that you don't have a good repayment istory with other lenders so why would someone lend you for mortgage whith is ten of thousand.
Give time to youself and rebuild your credit before applying for the mortgage but I am sure you want the $8000 1st home buyers credit. You might get a mortgage with the highest interest possible. You will end paying $500000 on $100000 house. THINK ABOUT THAT.
G O O D L U C K
buildcredit.ifastnet.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.I have a 548 credit score, am i still eligible for low income mortgage?
Ah, well, one of the things that started the current economic crises was the Federal government's demand (the Community Reinvestment Act) that forced banks to give mortgages to low income minorities who could never repay the loans. The idea, growing out of the civil rights movement in the late 60s, was that poor blacks and other low or no-income minorities had a virtual right to home ownership, and if the banks refused to give them a mortgage based on sound business practices it was deemed to be racial discrimination. The banks are not about to repeat the practice anytime soon; banks are still failing at a record rate, over 120 so far this year (only 3 banks failed in 2007). The financial crisis in this country is bad and getting worse, regardless of the bogus spin given to it by the Administration. With things in such bad shape even those with perfect credit, a very high credit score (in the high 700s) and a good job are finding it hard to get a loan.
All this means is your chances are just about zero.
In my area, I read that you can qualify for a HUD home loan with a score as low as 580 which is lower than I would have thought.
Now is a great time to buy a HUD Home you can purchase one with only $100 Down payment
HUD pays 3% closing cost and your credit score can be 580 or Above in most cases and you can borrow additional funds to do any repairs if needed and have the additional funds added to your monthly payment.
Your credit score has nothing to do with that. In order tobe qualified for loaw income you must not make a certain $$ per year. Your credit score simply tells if you pay on time, how many items you have but in yor case 548 it looks like you have some collection, judgements, late payment and other stuff. You might find youself in trouble buying a house with that score. IT IS TOO LOW right now. It also shows that you don't have a good repayment istory with other lenders so why would someone lend you for mortgage whith is ten of thousand.
Give time to youself and rebuild your credit before applying for the mortgage but I am sure you want the $8000 1st home buyers credit. You might get a mortgage with the highest interest possible. You will end paying $500000 on $100000 house. THINK ABOUT THAT.
G O O D L U C K
What does it mean when a mortgage company ';just services the loan, but is not an investor';?
We tried to see if we could refinance our mortgage without our prepayment penalty since we were doing it through that same company and that was their response...what does that mean?What does it mean when a mortgage company ';just services the loan, but is not an investor';?
The ';investor'; is the person who provided you with the money
In your situation the ';mortgage company'; was hired %26amp; gets paid by the investor to do all the administration associated with your mortgage.What does it mean when a mortgage company ';just services the loan, but is not an investor';?
Hello, i am MARY PARKER from New YorK, i saw your question on yahoo answer and i want to refer you to the international loan company that help me consolidate my depth ,when i was searching for loan and i was in a bad shape, a friend of mine introduce me to CLARKE LOAN FIRM that help me get out of my depth, the company offer all kinds of loan to any where in the world at a very low interest rate and even if you have a bad credit and low income they still offer service so long you agree to the repayment information, they are the only international loan company that can help you get a quality loan with a fast transfer without any upfront fees
.contact them and i am sure they will be of great help to you .within 24hours. here is their contact clarkeloanfirm@yahoo.com
Hello everyone,
My name is Mrs Rose Smith and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $58,000 USD to start my life all over as i am a single mum with 2 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender, Mr Steve Davidson of Davidson loan Financial Incorporated, he was the Saviour GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $58,000 USD and i will advise any one who is in genuine need of a loan to contact Mr Steve Davidson via email stevedavidsonloan32@yahoo.com because he is the most understanding and kind hearted lender
I'm posting this message everyday on yahoo answer, in order to express my everlasting gratitude to Mr.Steve Davidson
Please i need you all to pray for this man for me.
Hello Everybody,
We Offer Private, Commercial and Personal Loans with very Minimal annual
Interest Rates as Low as 2% within 1 year to 50 years repayment duration
period to any part of the world. We give out loans within the range of
$5,000 to $100,000,000 USD and in all currencies,Our loans are well insured for maximum
security is our priority.
Please if you are delighted and interested in our financial offer,Do not
hesitate to contact us if in need of our service.@brownmclainloanfirm@yahoo.com
Find the home of your dreams with us.
Brown Mclain(C.E.O)
All they do is take care of the paperwork, crediting your payments, etc. Ask them who holds the mortgage.
The ';investor'; is the person who provided you with the money
In your situation the ';mortgage company'; was hired %26amp; gets paid by the investor to do all the administration associated with your mortgage.What does it mean when a mortgage company ';just services the loan, but is not an investor';?
Hello, i am MARY PARKER from New YorK, i saw your question on yahoo answer and i want to refer you to the international loan company that help me consolidate my depth ,when i was searching for loan and i was in a bad shape, a friend of mine introduce me to CLARKE LOAN FIRM that help me get out of my depth, the company offer all kinds of loan to any where in the world at a very low interest rate and even if you have a bad credit and low income they still offer service so long you agree to the repayment information, they are the only international loan company that can help you get a quality loan with a fast transfer without any upfront fees
.contact them and i am sure they will be of great help to you .within 24hours. here is their contact clarkeloanfirm@yahoo.com
Hello everyone,
My name is Mrs Rose Smith and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $58,000 USD to start my life all over as i am a single mum with 2 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender, Mr Steve Davidson of Davidson loan Financial Incorporated, he was the Saviour GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $58,000 USD and i will advise any one who is in genuine need of a loan to contact Mr Steve Davidson via email stevedavidsonloan32@yahoo.com because he is the most understanding and kind hearted lender
I'm posting this message everyday on yahoo answer, in order to express my everlasting gratitude to Mr.Steve Davidson
Please i need you all to pray for this man for me.
Hello Everybody,
We Offer Private, Commercial and Personal Loans with very Minimal annual
Interest Rates as Low as 2% within 1 year to 50 years repayment duration
period to any part of the world. We give out loans within the range of
$5,000 to $100,000,000 USD and in all currencies,Our loans are well insured for maximum
security is our priority.
Please if you are delighted and interested in our financial offer,Do not
hesitate to contact us if in need of our service.@brownmclainloanfirm@yahoo.com
Find the home of your dreams with us.
Brown Mclain(C.E.O)
All they do is take care of the paperwork, crediting your payments, etc. Ask them who holds the mortgage.
How often do you change your mortgage?
Are you paying over the odds because you have your head buried in the sand and think that it would just be too much hassle to mess around with it? Are you still with british gas, and BT? just because you think you owe them your loyalty(even though they know this and its why they can overcharge you??)How often do you change your mortgage?
I change my mortgage at the end of every fixed period offer.
I shop around for my gas/electric suppliers every six months to see if there are any better deals to be had.
I do not remain loyal to any company that feels they can charge me over the odds for their services. I would only consider staying loyal if they were to offer me a good loyalty discount to make if cost effective to stay.How often do you change your mortgage?
every time I change 1 of my houses, recently a lot of activity in europe so about 1/month.
I change my mortgage every 2 years and have done for 8 years now,I get a reduced rate through my financial advisor and dont pay a penny to do it,he gets his commision off the mortgage company.
I changed over from british gas a few years ago because they are a rip off,but stayed with BT because I cant find anything cheaper for my phone.
I am with NTL broadband because they are the best and cheapest on the market,
Wow,im quite impressed with myself for shopping around.
I change my mortgage at the end of every fixed period offer.
I shop around for my gas/electric suppliers every six months to see if there are any better deals to be had.
I do not remain loyal to any company that feels they can charge me over the odds for their services. I would only consider staying loyal if they were to offer me a good loyalty discount to make if cost effective to stay.How often do you change your mortgage?
every time I change 1 of my houses, recently a lot of activity in europe so about 1/month.
I change my mortgage every 2 years and have done for 8 years now,I get a reduced rate through my financial advisor and dont pay a penny to do it,he gets his commision off the mortgage company.
I changed over from british gas a few years ago because they are a rip off,but stayed with BT because I cant find anything cheaper for my phone.
I am with NTL broadband because they are the best and cheapest on the market,
Wow,im quite impressed with myself for shopping around.
How much do yu have to make to afford a 2000 a month mortgage?
At least 100K, but probably even more than that if you have other expenses that are significant at all.How much do yu have to make to afford a 2000 a month mortgage?
about $5000 a monthHow much do yu have to make to afford a 2000 a month mortgage?
I would say atleast 65 grand a year. It also depends on if you have a lot of other bills or good credit.
About $6000 a month gross, or at least $72K a year. Housing costs should be no more than a third of your gross income.
about $5000 a monthHow much do yu have to make to afford a 2000 a month mortgage?
I would say atleast 65 grand a year. It also depends on if you have a lot of other bills or good credit.
About $6000 a month gross, or at least $72K a year. Housing costs should be no more than a third of your gross income.
Sell our home to have smaller mortgage (23% more than average!) and contribute more $ to retirement?
We are currently paying 23% more than national average for our mortgage and our equity loan. Sell home to downsize mortgage? We really want to build up our 401K, IRARoth, emergency funds, etc. We were laid off 4 times in 7 years and used 401 and equity to pay for home, etc. We love our area but need to think of our future. Any advice or your stories would help! Thanks!Sell our home to have smaller mortgage (23% more than average!) and contribute more $ to retirement?
Don't compare your mortgage to the national average.
You need to compare your mortgage to your own income to see if it's too much.
A general rule of thumb is that your mortgage shouldn't be more than 25% of your take-home pay (33% if you want to stretch)
If you've had to tap into a 401K, then I think you have too much in retirement and not enough of an emergency fund (cash in the bank)
I suggest the Dave Ramsey approach, here's his plan in detail:
Step 1: Get a $1,000 baby emergency fund.
Step 2: Pay off all the debts.
Step 3: Finish the emergency fund (6 months expenses)
Step 4: 15% to retirement
Step 5: College fund
Step 6: Pay off the house
Step 7: Enjoy being rich.
Don't compare your mortgage to the national average.
You need to compare your mortgage to your own income to see if it's too much.
A general rule of thumb is that your mortgage shouldn't be more than 25% of your take-home pay (33% if you want to stretch)
If you've had to tap into a 401K, then I think you have too much in retirement and not enough of an emergency fund (cash in the bank)
I suggest the Dave Ramsey approach, here's his plan in detail:
Step 1: Get a $1,000 baby emergency fund.
Step 2: Pay off all the debts.
Step 3: Finish the emergency fund (6 months expenses)
Step 4: 15% to retirement
Step 5: College fund
Step 6: Pay off the house
Step 7: Enjoy being rich.
I would like to know about getting a Loan Modification with a company out of state or deal with my mortgage co?
a company in Miami we have already paid them 1300.00 and been waiting for a answer since Oct of 08, I would like to know should I deal with this company or deal with my Lender?I would like to know about getting a Loan Modification with a company out of state or deal with my mortgage co?
I have not heard of a single legitimate loan modification company. Not one.
You should just deal with your company yourself. I started my second one for a relative last week, the bank was calling me within 72 hours of me mailing my stuff off to them. I expect we will have a deal within 2 weeks of starting.
You will never hear from that other company. Kiss your money good-bye and call your lender, ask for their modification package.
If you are looking to modify your principle (what I am doing) you may as well get the property appraised now and send that along.I would like to know about getting a Loan Modification with a company out of state or deal with my mortgage co?
A couple points:
1. Call the Miami company and demand a refund. If they refuse report them to the FL State Atty. General office and the BBB. If you paid by a credit card you can do a ';charge back';. Your credit card co. will explain how to do it.
2. There are legitimate loan mod companies but the best bet is to use an attorney. They will charge you a one-time flat fee and get it done the right way.
3. It is NOT TRUE that CA loan mod companies can't accept an upfront fee. This only applies if you have received a Notice of Default (NOD). If you have received a NOD, then only an attorney can accept an upfront fee.
4. Don't try to do a loan mod yourself and don't waste money on self-help ebooks on the Internet. Most are junk
Good luck...
First of all did you check their qualifications and references?
My next question is what state are you in? In California modification companies can not taking any money upfront unless they have an approved ';Advance Fee Contract'; registered with the Department of Real Estate. Next, there is a Great video out on how to Modify your home loan on your own with a FREE hour of consulting. There is also a government help group called Hope Now, but they give absolutely no hope at all! The website I have seen with the free consult can be found on youtube with many other videos on modification. The best ones are the ones where they teach you how to help yourself! Watch out for attorneys to, they charge the most and can only do the exact same thing a mod company or even yourself can do! Call your lender direct, but first educate yourself on what to say!
I am sorry that you got taken advantage of. There are many companies out there preying on people who are desperate. We are a legal loan modification company and I could offer you several references of VERY happy people.
Was you loan an Option ARM payment with WAMU/Chase? If so, that could be why it is taking so long. The vice president of the company still doesn't know how the bank will handle modifying those loans.
Email me if you would like some more information.
Good Day,We are a Legitimate Reputable Money Lender. Getting a legitimate loan has always been a huge problem to clients who are financially in needs. DAVIDSON LENDERS has been accredited by the lender's council to give out loans to local and international clients. We have been given the privilege to meet your financial needs. The issue of credit shouldn't stop you from getting the loan that you need and we have made that difference in the lending industry. We gave out loan ranging from US$1, 000 to maximum US$5, 000, 000 to individuals in need of financial assistance, that have a bad credit or in need of money to pay bills, to invest on business etc.Services Rendered include:
**Refinance
*Home Improvement
**Investment Loan
*Debt Consolidation
*Business Loans
*Personal Loans
*International Loans. You can contact us via email,davidsonloanfirm88@yahoo.com REGARDS,DAVISON WHTYEthe bees pop beauty
I have not heard of a single legitimate loan modification company. Not one.
You should just deal with your company yourself. I started my second one for a relative last week, the bank was calling me within 72 hours of me mailing my stuff off to them. I expect we will have a deal within 2 weeks of starting.
You will never hear from that other company. Kiss your money good-bye and call your lender, ask for their modification package.
If you are looking to modify your principle (what I am doing) you may as well get the property appraised now and send that along.I would like to know about getting a Loan Modification with a company out of state or deal with my mortgage co?
A couple points:
1. Call the Miami company and demand a refund. If they refuse report them to the FL State Atty. General office and the BBB. If you paid by a credit card you can do a ';charge back';. Your credit card co. will explain how to do it.
2. There are legitimate loan mod companies but the best bet is to use an attorney. They will charge you a one-time flat fee and get it done the right way.
3. It is NOT TRUE that CA loan mod companies can't accept an upfront fee. This only applies if you have received a Notice of Default (NOD). If you have received a NOD, then only an attorney can accept an upfront fee.
4. Don't try to do a loan mod yourself and don't waste money on self-help ebooks on the Internet. Most are junk
Good luck...
First of all did you check their qualifications and references?
My next question is what state are you in? In California modification companies can not taking any money upfront unless they have an approved ';Advance Fee Contract'; registered with the Department of Real Estate. Next, there is a Great video out on how to Modify your home loan on your own with a FREE hour of consulting. There is also a government help group called Hope Now, but they give absolutely no hope at all! The website I have seen with the free consult can be found on youtube with many other videos on modification. The best ones are the ones where they teach you how to help yourself! Watch out for attorneys to, they charge the most and can only do the exact same thing a mod company or even yourself can do! Call your lender direct, but first educate yourself on what to say!
I am sorry that you got taken advantage of. There are many companies out there preying on people who are desperate. We are a legal loan modification company and I could offer you several references of VERY happy people.
Was you loan an Option ARM payment with WAMU/Chase? If so, that could be why it is taking so long. The vice president of the company still doesn't know how the bank will handle modifying those loans.
Email me if you would like some more information.
Good Day,We are a Legitimate Reputable Money Lender. Getting a legitimate loan has always been a huge problem to clients who are financially in needs. DAVIDSON LENDERS has been accredited by the lender's council to give out loans to local and international clients. We have been given the privilege to meet your financial needs. The issue of credit shouldn't stop you from getting the loan that you need and we have made that difference in the lending industry. We gave out loan ranging from US$1, 000 to maximum US$5, 000, 000 to individuals in need of financial assistance, that have a bad credit or in need of money to pay bills, to invest on business etc.Services Rendered include:
**Refinance
*Home Improvement
**Investment Loan
*Debt Consolidation
*Business Loans
*Personal Loans
*International Loans. You can contact us via email,davidsonloanfirm88@yahoo.com REGARDS,DAVISON WHTYE
I am upside down on my mortgage which includes an equity loan?
Is there anyway I could refinance my home to get my mortgage and equity loan combined into one payment at the one of the current lower loan rates?I am upside down on my mortgage which includes an equity loan?
You can actually refinance your first mortgage as long as the second will subordinate but there is no way to refinance them both into 1 loan.
Let me know if you need more info.I am upside down on my mortgage which includes an equity loan?
You can't refi unless you have equity in the house...your pretty much stuck in the 2 loans until you cannot continue to make montly payments anymore...then their may be a loan modification on the first and or second lien...once you miss a couple payments
You're joking, right?
You can actually refinance your first mortgage as long as the second will subordinate but there is no way to refinance them both into 1 loan.
Let me know if you need more info.I am upside down on my mortgage which includes an equity loan?
You can't refi unless you have equity in the house...your pretty much stuck in the 2 loans until you cannot continue to make montly payments anymore...then their may be a loan modification on the first and or second lien...once you miss a couple payments
You're joking, right?
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